Denmark's Hoba Therapeutics raises €23M Series A to progress novel drug for chronic neuropathic pain treatment
Summary
Hoba Therapeutics, a Copenhagen-based biotech company specializing in novel therapeutic proteins for chronic neuropathic pain and hearing loss, secured 23 million in a Series A financing led by Indaco Venture Partners and Medical Incubator Japan, alongside existing investors like Novo Holdings, Eir Ventures, and Export and Investment Fund of Denmark, with participation from The European Innovation Council Fund (European Commission). The proceeds of the Series A first close will enable Hoba Therapeutics to advance HB-086 through late pre-clinical development to the completion of Phase 1 clinical studies in patients for painful Chemotherapy-Induced Peripheral Neuropathy (CIPN). While focusing firmly on both scientific excellence and patient benefit, they are well-positioned to make a substantial impact in healthcare.Camilla Petrycer Hansen, Principal, Seed Investments, Novo Holdings, said: As a founding investor, we are excited about the prospects of Hoba Therapeutics. A staggering number of people globally endure the debilitating consequences of chronic pain every day, a vast issue largely neglected by the market due to a dearth of innovation in this field for many years. These lesions lead to aberrant functioning of sensory nerve cells, resulting in a chronic, debilitating sensation of pain.Chronic neuropathic pain is primarily managed with antidepressants (including TCAs, SSRIs, and SNRIs), antiepileptic drugs like pregabalin and gabapentin, and opioids.