Novo Holdings co-leads oversubscribed CHF100m Series C in Numab Therapeutics
Novo Holdings has co-led an oversubscribed CHF100 million (approximately USD110 million) Series C financing in Numab Therapeutics AG (Numab) alongside HBM Partners, with participation from new investors Forbion via its Forbion Growth Opportunities Fund, Cormorant Asset Management, BVF Partners, RTW Investments, fund and accounts under the management of BlackRock, Octagon Capital Advisors, and existing investors.
Numab is a clinical stage biopharmaceutical company developing next-generation multispecific antibody-based immunotherapies for cancer and inflammation. Nanna Lüneborg, Partner at Novo Ventures, will join Numab’s Board of Directors.
Based near Zurich in Switzerland, Numab is creating multi-specific antibodies that enable the pursuit of novel therapeutic strategies in the field of cancer immunotherapy and inflammation. Utilising its proprietary MATCHTM technology platform, Numab is developing a pipeline of bispecifics to simultaneously target clinically validated pathways. The financing will support the acceleration and expansion of the clinical development of Numab’s lead program, NM21-1480, into multiple cancer indications, and the advancement of the company’s pipeline of multi-specific antibodies in oncology and inflammation, into clinical trials. NM21-1480 combines binding to 4-1BB, PD-L1 and human serum albumin, thereby balancing potent anti-tumour immune activation with a desirable safety profile.
Nanna Lüneborg, Partner, Novo Ventures and Board Director of Numab Therapeutics, says: “We are delighted to be co-leading Numab’s Series C financing together with our colleagues at HBM Partners. It is fantastic to see a major European led round attracting a broad and experienced syndicate of international investors, and a testament to the outstanding innovation in antibody platforms in Europe. We believe bispecifics as a class offer huge potential, and Numab is an exciting company with compelling technology and a highly experienced management team. The company is at a pivotal stage of its growth and this funding will enable Numab to generate significant clinical data points. It represents another example of Novo Holdings’ investment strategy to support companies built on differentiated science in areas of major unmet medical need.”
David Urech, PhD, Founder and CEO of Numab Therapeutics, adds: “We are thrilled to be supported by Novo Holdings and a strong group of international investors who share our vision for the company’s future. Combining PD-L1 blockade with tumor localized 4-1BB co-stimulation in a single molecule emerges as an attractive next-generation therapeutic strategy in solid tumours, and Numab’s lead compound NM21-1480 has best-in-class potential. The financing will help us to maximise the value of this asset by significantly expanding the clinical development program and accelerating toward phase 2 proof-of-concept.”