Big Pharma-backed immunomodulation biotech Nuvig Therapeutics is moving its lead asset into phase 2 trials using a $161 million war chest.
The series B fundraising round was co-led by Sanofi Ventures, Blue Owl Healthcare Opportunities and Norwest Venture Partners, the company announced in a Dec. 5 release. Novo Holdings and Bristol Myers Squibb, original backers of Nuvig’s $47 million debut in 2022, also participated.
New investors include B Capital, Leaps by Bayer and Global BioAccess Fund, among others.
Nuvig will use the money to run clinical proof-of-concept studies for its lead asset, NVG-2089, and to advance its preclinical pipeline. NVG-2089 is a recombinant Fc fragment immunomodulator designed to bind type II Fc receptors and improve autoimmune dysregulation, according to the release. The drug is meant to address autoimmune conditions without weakening the patient’s immune system, as many other treatments do.
The California-based biotech plans to evaluate NVG-2089 in a phase 2 study for patients with chronic inflammatory demyelinating polyneuropathy, an autoimmune condition that affects peripheral nerves. The company also intends to test the asset in other undisclosed indications such as dermatologic autoimmune diseases, according to the company’s website.
Nuvig has already conducted a phase 1 trial that found NVG-2089 safe and well tolerated, while also confirming that the asset successfully binds to type II Fc receptors, according to the release.
In February, Nuvig received fast-track designation from the FDA for NVG-2089 in bullous pemphigoid, a rare autoimmune skin disease.