NovaGo Therapeutics has raised US$30m to fund a spinal injury trial of its anti-Nogo-A antibody in people with acute spinal cord injury.
The Swiss biotech secured CHF24m, equivalent to US$30m or €25.5m, in a Series B financing round to advance its lead programme, NG004.
The funding will support a randomised, double-blind proof-of-concept study involving 120 patients with acute spinal cord injury at clinical sites in Germany, Spain and Switzerland.
NG004 is a fully human therapeutic antibody designed to neutralise Nogo-A, a protein that inhibits nerve fibre regeneration and neuroplasticity in the central nervous system.
By blocking Nogo-A, NovaGo aims to create an environment in which damaged nerve fibres can regrow and neuronal circuits can reorganise, potentially leading to functional recovery.
The programme builds on research led by Professor Martin Schwab of the University of Zurich and ETH Zurich, who identified Nogo-A as a key inhibitor of nerve regeneration.
Schwab, who is also acting as chief scientific officer of NovaGo Therapeutics, said: “We are excited to see this programme progress into this critical stage of clinical testing, bringing us a meaningful step closer to a much-needed treatment for patients living with the consequences of spinal cord injury.”
The company is advancing the programme following Phase 1 results with NG004.
The financing was co-led by Neurimmune and Pureos, with participation from existing and new investors. It is also supported by non-dilutive funding from the Swiss Paraplegic Foundation and Wings for Life.
Roger M. Nitsch, president and chief executive of Neurimmune and a member of NovaGo’s board, said: “Together with NovaGo Therapeutics, we are pioneering a novel approach for the treatment of spinal cord injury using a fully human therapeutic antibody designed to promote nerve outgrowth after injury.
“We are encouraged by the promising Phase 1 results with NG004 and look forward to advancing the clinical development programme together with NovaGo Therapeutics and our co-investors.”
Pureos managing partner Dominik Escher described the Phase 1 results as “very encouraging” and highlighted the potential for a new regenerative treatment option for people with spinal cord injury.
The new study will move beyond primarily assessing safety and tolerability to examine whether targeting Nogo-A can produce evidence of meaningful neurological recovery in patients.
The funding will also support NovaGo’s wider anti-Nogo-A pipeline, including programmes exploring its use in stroke and secondary progressive multiple sclerosis.
Stefan Moese, chief executive of NovaGo, said: “We are deeply grateful for the backing of our investors.
“Their commitment allows us to move forward with the proof-of-concept study and work toward bringing a much-needed treatment to patients affected by the devastating consequences of spinal cord injury.”
