Nuvig Therapeutics Secures $161M Series B Funding, Advances to Phase 2 with New Immunomodulator

Nuvig Therapeutics, Inc., headquartered in Menlo Park, California, has successfully completed a $161 million Series B financing round. This biotechnology company, which is privately held, focuses on developing innovative immunomodulatory treatments for patients suffering from inflammatory autoimmune diseases. The funding was spearheaded by Sanofi Ventures, Blue Owl Healthcare Opportunities, and Norwest Venture Partners. Other contributors included B Capital, Leaps by Bayer, Global BioAccess Fund, LOTTE Holdings, Alexandria Venture Investments, and funds managed by abrdn Inc., as well as existing shareholders such as Novo Holdings A/S, Platanus, Bristol Myers Squibb, Digitalis Ventures, and Mission BioCapital.

Dr. Pamela Conley, a cofounder of Nuvig Therapeutics and a key scientific leader, expressed her enthusiasm about collaborating with the new investors. She believes their scientific and strategic insights will bolster Nuvig’s efforts to diversify its pipeline and introduce transformative medicines to patients.

Nuvig Therapeutics is dedicated to creating new approaches to manage autoimmune dysregulation without relying on immunosuppression. Their leading drug candidate, NVG-2089, is a first-in-class recombinant Fc fragment immunomodulator. This drug is designed to bind to type II Fc receptors and activate an endogenous regulatory mechanism that improves autoimmune dysregulation. The funds from the Series B financing will be used to support clinical proof-of-concept studies for NVG-2089 and to further the development of Nuvig's preclinical pipeline. The company plans to advance NVG-2089 to Phase 2 clinical trials for chronic inflammatory demyelinating polyneuropathy (CIDP) and other conditions with a significant unmet need for non-immunosuppressive therapies.

Phase 1 trials for NVG-2089 have been completed successfully. These trials demonstrated that NVG-2089 was safe and well-tolerated, with dose-proportional pharmacokinetics and effective target engagement. The positive outcomes from these studies support the progression to Phase 2 trials for multiple indications.

In addition to the financing, Nuvig’s Board of Directors has welcomed new members: Paulina Hill from Sanofi Ventures, Tim Anderson from Blue Owl Healthcare Opportunities, and Tiba Aynechi from Norwest Venture Partners. Dr. Hill highlighted Nuvig’s innovative approach to treating inflammatory and autoimmune diseases, emphasizing the significant progress made by the team. Mr. Anderson praised Nuvig's advancements and their ability to engage the relevant biological pathways with NVG-2089. Dr. Aynechi expressed confidence in NVG-2089's potential to provide life-changing benefits to patients with limited treatment options.

Furthermore, Nuvig appointed Ciara Kennedy, founder and CEO of Sorriso Pharmaceuticals, and James Mackay, founder and CEO of Kateran Consulting, as independent members of the Board of Directors.

Chronic inflammatory demyelinating polyneuropathy (CIDP) is characterized by progressive weakness and impaired sensory function in the limbs. Symptoms include symmetrical muscle weakness, difficulties with walking and fine motor tasks, sensory disturbances, and diminished reflexes. Fatigue is common and can significantly impact quality of life. Diagnosis is typically confirmed through nerve conduction studies and cerebrospinal fluid analysis.

Nuvig Therapeutics is a clinical-stage biotechnology company focused on developing novel immune therapeutics for chronic inflammatory and autoimmune diseases. Their lead investigational drug, NVG-2089, targets type II Fc receptors to regulate immune responses and reduce inflammation. For more information, visit their website.