Noveome Biotherapeutics completed a $15 million Series D funding round to advance a growing pipeline of next-generation biologics. The Pittsburgh clinical-stage biopharmaceutical company has raised $159 million in capital to date.
The Series D financing was led by an unidentified new institutional investor in addition to existing investors. Prior to this, Noveome raised $144 million from private equity investors and non-dilutive capital from the U.S. Department of Defense and the Commonwealth of Pennsylvania and Allegheny County.
Proceeds from the financing will be used to support the advancement of the company’s clinical stage programs investigating its proprietary, cell-free platform biologic, ST266, for the treatment of both ophthalmological and central nervous system (CNS) disorders.
“We are encouraged by the support from both our new and existing investors in this Series D financing, providing Noveome with the necessary funding to progress our clinical stage ophthalmological and CNS disorder programs into further clinical studies, in addition to advancing our broader pipeline,” Noveome Founder, Chairman and CEO William J. Golden said, in a statement.
The company received seed funding from Lancet Capital, a venture capital consortium of leading Pittsburgh health care institutions including UPMC Enterprises, Highmark Blue Cross/ Blue Shield, University of Pittsburgh and Carnegie Mellon University.