Singapore-based biotech firm Nuevocor raises US$45 million in Series B round
Investors include EDBI and Temasek’s ClavystBio
[SINGAPORE] Biotechnology company Nuevocor announced on Wednesday (May 7) that it completed a US$45 million Series B funding round from new and existing investors.
This includes “significant participation” from current investors such as Temasek-linked life sciences venture builder ClavystBio and EDBI, which operates under SG Growth Capital, the investment platform of the Singapore Economic Development Board (EDB) and Enterprise Singapore. (*see Amendment note)
The round was co-led by healthcare-focused investor Kurma Partners and biotech venture capital firm Angelini Ventures. Other existing investors that participated in the round include the Germany-based Boehringer Ingelheim Venture Fund, private investment firm Highlight Capital and Singapore’s Seeds Capital.
Nuevocor focuses on developing cures for heart muscle diseases.
The new investment will support first-in-human clinical trials for Nuevocor’s NVC-001, a form of gene therapy, in the US and Europe. NVC-001 aims to treat patients with a form of genetic cardiovascular disease that leads to the weakening and enlargement of the heart muscle, eventually resulting in heart failure.
The company will also use the funds to establish an office in Paris, France, to support clinical development.
Dr Tan Yann Chong, chief executive and co-founder of Nuevocor, said: “The continued strong support from insiders and the addition of new investors will enable Nuevocor to continue its strong momentum and advance NVC-001 into the clinic.”
* Amendment note:The story previously stated that EDBI referred to EDB Investments, the investment arm of EDB. EDBI has clarified that as at Apr 1, it operates under SG Growth Capital, the investment platform of EDB and Enterprise Singapore.
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