Nuvig Therapeutics Raises $161M in Series B Funding
Summary
Nuvig Therapeutics, a Menlo Park, CA-based privately held biotechnology company developing novel immunomodulatory therapeutics for patients with inflammatory autoimmune diseases, raised $161M in Series B funding. The round was led by Sanofi Ventures, Blue Owl Healthcare Opportunities (formerly Cowen Healthcare Investments), and Norwest Venture Partners, with participation from new investors, B Capital, Leaps by Bayer, Global BioAccess Fund, LOTTE Holdings, Alexandria Venture Investments, and funds managed by abrdn Inc., and existing shareholders, Novo Holdings A/S, Platanus, Bristol Myers Squibb, Digitalis Ventures, and Mission BioCapital. The company intends to use the funds to support clinical proof-of-concept studies for NVG-2089 and advance its preclinical pipeline. Led by Pamela Conley, Ph.D., Cofounder, Chief Scientific Officer, and founding Chief Executive Officer, Nuvig Therapeutics is a clinical-stage biotechnology company that is advancing an innovative pipeline of novel immune therapeutics for chronic inflammatory and autoimmune diseases. When NVG-2089 binds to its target, it upregulates the expression of FcγRIIb and causes the expansion of T regulatory cells and the downregulation of numerous inflammatory pathways.