Singapore Cardio Gene Therapy Biotech Secures $45M for Europe Expansion

A Singapore-based biotech startup, Nuevocor, has successfully secured $45 million in a Series B funding round, setting the stage for testing an innovative gene therapy in humans next year. This development underscores the ongoing potential within the field of adeno-associated virus (AAV)-based gene therapy, even as some industry players have stepped away from this approach. Nuevocor's recent funding was announced on Tuesday, with contributions from investors such as Kurma Partners, Angelini Ventures, EDBI, ClavystBio, and the Boehringer Ingelheim Venture Fund.

The gene therapy sector has seen a range of reactions, with several biotech firms and major pharmaceutical companies moving away from AAV-based strategies. Notably, Vertex recently discontinued its AAV research endeavors. However, certain startups continue to explore these viral vectors as possible solutions for complex conditions, with some, like a brain cancer startup, resorting to crowdfunding to support their research.

Nuevocor initially got off the ground with a $24 million Series A funding in 2021, building upon research from Singapore’s Agency for Science, Technology and Research. The startup seeks to address genetic cardiomyopathies by minimizing stress on the nuclear envelope, which can prevent cell death and subsequent impairments. CEO Yann Chong Tan emphasized that while other gene therapy companies, such as Lexeo Therapeutics, focus on gene replacement strategies, these are not always viable for certain genetic heart conditions. Nuevocor, therefore, is concentrating on tackling the fundamental causes of these diseases.

The company's leading project is an AAV-based gene therapy named NVC-001, intended to treat LMNA-related dilated cardiomyopathy. This rare condition affects approximately 100,000 individuals in the U.S. and Europe, often progressing from initial heart failure to severe, end-stage heart failure within about five years. Nuevocor plans to initiate a Phase 1/2 clinical trial in the U.S. and Europe in the early part of next year. According to Tan, there is a possibility of seeking accelerated approval following the trial, but discussions with regulatory bodies will determine if this route is feasible. The company has already received interest from numerous families eager to participate in the trial, highlighting the dire need for effective treatments for this severe genetic disorder.

Currently, Nuevocor employs fewer than 30 people but is looking to expand its team and establish a stronger presence in Europe, starting with an office in Paris. The company also maintains operations in the Philadelphia area. Nuevocor is part of a broader movement among Singaporean biotech firms aiming to build a global footprint. CEO Tan noted that the region is witnessing a surge of activity in the biotech sector. Earlier this year, another biotech, Callio Therapeutics, raised $187 million in Series A funding, and Leyden Labs acquired CoV Biotechnology, a small Singaporean startup. Furthermore, the notable venture firm Flagship Pioneering cemented a partnership in the region last fall, reflecting the growing global interest in Singapore's biotech capabilities.