Pittsburgh-based Noveome Biotherapeutics, is a clinical-stage biopharmaceutical company focused on developing next-generation biologics for a wide range of diseases, recently raised $51 million in series E financing. MAK Capital was the largest investor.
Financing will support clinical trials for ST266, the company’s treatment for Necrotizing Enterocolitis (NEC), an inflammation of the intestines seen primarily in premature and very low birth weight babies. The disease affects between 4,000 to 6,000 babies annually in the United States and has a 30 percent mortality rate. Those who survive often have life-long intestinal complications and are at increased risk for cognitive, visual, and motor impairment.
There is no U.S. Food and Drug Administration-approved treatment for NEC, but the agency has granted ST266 with the rare pediatric disease designation and orphan drug designation.
“We are grateful for the continued support of MAK Capital and the strong ongoing commitment of our existing investors who are deeply committed to the success of Noveome as a leading biotechnology company in Pittsburgh,” Patrick Welch, Noveome CEO, said. “This funding will allow us to continue the promising early results seen in our NEC study, as well as to support the ongoing operational and manufacturing activities needed to support our efforts to obtain the first biological license application for ST266.”