Navrogen, Inc., a Cheyney, Pa.-based preclinical biotechnology company, raised $3.0M in equity financing.
The financing was led by Tellus BioVentures along with existing investors. As part of the financing, Lonnie Moulder, Managing Member of Tellus, and Allan Bedwick, will join the Navrogen Board of Directors.
The company intends to use the funds to advance its Humoral Immuno-Oncology (HIO) discovery platform and preclinical therapeutic pipeline activities. The major use of proceeds will focus on advancing its lead HIO-refractory, anti-mesothelin NAV-001 antibody drug conjugate program and its NK cell activator platforms that specifically address HIO suppressed cancers and immune-mediated diseases.
Led by Nicholas Nicolaides, Ph.D., Chief Executive Officer, Navrogen is a biotechnology company focused on the discovery of tumor-produced Humoral Immuno-Oncology (HIO) factors that are associated with suppressed humoral immunity, poor prognosis and limited therapeutic response of immune-mediated anti-cancer therapies. The company’s mission is to develop first-in-class agents that can overcome the immunosuppressive effects of HIO factors by employing its proprietary screening and engineering technologies as well as diagnostic assays that can identify patients whose tumors produce HIO factors to advise physicians on therapeutic options.