Noa Therapeutics secures pre-seed financing to transform the treatment of inflammatory disease
Summary
Noa Therapeutics has closed an oversubscribed pre-seed financing round led by UCeed, with participation of Ontario Centre of Innovation Life Science Innovation Fund, Archangel Networks StarForge and Phoenix Fire funds, Golden Triangle Angel Network, Angel One Investor Network, and NorthSpring Capital Partners.Founded in July 2022 by Carla Spina and Serena Mandla, and a resident company of Johnson & Johnson Innovation JLABS Toronto, Noa is a preclinical biotechnology company passionately committed to transforming treatments of complex immune diseases. Noa is developing novel trimodal small molecules to address the complexity of inflammatory barrier diseases by simultaneously targeting three key disease drivers to reduce treatment failures and address unmet needs in >$100B of inflammatory disease markets.Toronto, March 7, 2024 /CNW/ Noa Therapeutics, a preclinical stage biotech company with a portfolio of novel trimodal therapeutics to address inflammatory barrier diseases, announced that they have secured an oversubscribed pre-seed financing round.The round was led by UCeed, with participation inclusive of Ontario Centre of Innovation Life Science Innovation Fund, Archangel Networks StarForge and Phoenix Fire funds, Golden Triangle Angel Network, Angel One Investor Network, and NorthSpring Capital Partners. The financing round is inclusive of 58% of investment diligence led by women and 27% direct dilutive investment by women.Concurrently, Noa Therapeutics announced its board of directors including Dr. Maura Campbell, President & CEO of OBIO\xae and Dr. Fran\xe7ois Ravenelle, President & CEO of Inversago Pharma.Were 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.One in ten people in North America struggle with atopic dermatitis, the most common form of eczema. Due to disease complexities, patients cycle through treatments, face complications like infection, and struggle to find relief.Proceeds from the financing will be used to advance Noa Therapeutics lead drug candidate for atopic dermatitis and hit-to-lead for secondary inflammatory diseases involving barrier dysfunction, including ulcerative colitis and inflammatory bowel disease.Founded in 2022, and a resident company of Johnson & Johnson Innovation JLABS Toronto, Noa is a preclinical biotechnology company passionately committed to transforming treatments of complex immune diseases.