Novoron Bioscience has secured US$3 million in seed funding which will go towards advancing the development of its of neuroregeneration therapy for spinal cord injuries
The investment, from venture capital firm Two Bear Capital, will be used to develop Novoron’s drug candidate, NOVO-118, which the firm states has shown the potential to both promote axonal regeneration and repair of the myelin sheath.
Novoron has previously raised seed funding from Backstage Capital and US$3 million in grant funding from the National Institutes of Health.
In a company press release, Novoron state that recent in vivo studies showed that treatment with NOVO-118 demonstrated significant improvement in motor function after SCI. Novoron is also developing NOVO-118 as a putative treatment to promote remyelination in demyelinating diseases such as multiple sclerosis.
Travis Stiles, CEO and co-founder of Novoron, said: “Working with Two Bear Capital has already proven valuable in shaping our future direction and catalysing more rapid innovation.”
Mike Goguen, Two Bear Capital’s founder and managing partner, added: “With two neuroscientists on the Two Bear Capital investment team, we are absolutely committed to finding and funding the most promising solutions to neurological disorders and Novoron quickly met that bar. Novoron’s technology is truly groundbreaking, and we are excited to be a part of Travis’s efforts to address one of the most difficult problem sets in medicine.”