News
Summary
Accelerating development of its lead product in Atopic Dermatitis treatment toward Phase 1Maura Campbell and Fran\xe7ois Ravenelle to Join Board of DirectorsToronto, ON March 6, 2024. Without a cure, frustrated patients struggle to find long term relief.Disrupting this treatment paradigm is Noa Therapeutics, a preclinical stage biotech company with a portfolio of novel trimodal therapeutics to address inflammatory barrier diseases like eczema, announced that they have secured an oversubscribed pre-seed financing round.Led by UCeed, the financing round is inclusive of 58% of investment diligence led by women and 27% of direct dilutive investment by women. We congratulate Noa Therapeutics on their recent success and look forward to their contributions to Ontarios world-class life sciences sector.Concurrently, Noa Therapeutics announced its new board of directors including Dr. Maura Campbell, President & CEO of OBIO \xae and Dr. Fran\xe7ois Ravenelle, President & CEO of Inversago Pharma.We are proud to be led by 100% women and 50% people of color and are incredibly appreciative of the support weve received from investors and ecosystem partners inclusive of OBIO\xae, Elevate Women+ in partnership with the Firehood, Creative Destruction Lab, Life Sciences Ontario, MaRS, and Innovation Factory said Noa Therapeutics co-founders Carla Spina PhD and Serena Mandla P.Eng., MASc. Our new board and oversubscribed round are significant indicators of our progress towards breaking the cycle of treatment failures to deliver meaningful therapeutics to underrepresented and underserved patients.The financing will fund preclinical advancement of a lead drug candidate for atopic dermatitis, a form of eczema, and hit-to-lead for secondary inflammatory diseases involving barrier dysfunction, including ulcerative colitis and inflammatory bowel disease.By supporting innovative ventures like Noa Therapeutics who are pioneering inclusive and transformative treatments for complex immune diseases, OCI reaffirms its commitment to driving progress and fostering a diverse, resilient ecosystem of healthcare innovation in Ontario. Together, we can address the urgent needs of patients and propel the province towards a healthier, more inclusive future, added Claudia Krywiak, President and CEO of the Ontario Centre of Innovation (OCI).