The funding will be put towards development of its diversified pipeline focused on central nervous system disorders.
The round was co-led by European healthcare focused investment firms, Forbion and Jeito Capital. UPMC Enterprises and an additional new investor joined existing investors Sofinnova Partners, Polaris Partners, Gilde Healthcare and Invus to complete the round.
The proceeds of the financing will be used to advance the company’s lead compound basimglurant (NOE-101), an mGluR5 inhibitor which is being evaluated in phase 2b clinical trials for severe pain in trigeminal neuralgia (TN) and seizures in tuberous sclerosis complex (TSC).
Noema is also developing gemlapodect (NOE-105), a PDE10a inhibitor being evaluated in phase 2b clinical trials for Tourette syndrome and childhood onset fluency disorder (COFD) or stuttering; and NOE-115, a phase 2 ready, triple reuptake inhibitor for atypical depression and binge eating disorder.
“We are excited to announce the successful completion of this oversubscribed Series B financing round and very pleased to have a world-class group of investors supporting our vision of bringing much-needed treatments to those living with debilitating central nervous system disorders," said Luigi Costa, Chief Executive Officer of Noema Pharma.
“We welcome our new investors who bring extensive expertise and knowledge of drug development and company building and add further strength to our robust investor base. This financing comes at a key time for Noema Pharma as we look forward to extensive news flow over the next 24 months.”
Following the close of the financing, Nanna Lüneborg from Forbion and Rachel Mears from Jeito Capital will join the Board of Directors of Noema Pharma.
Lüneborg, general partner at Forbion, said: “We have been following Noema since inception and have been impressed by the quality and progress of Noema Pharma’s clinical pipeline. We believe this is the right time to invest as the company has started to generate very encouraging clinical data in indications of high unmet need and particularly with its lead asset basimglurant.”
Mears, a partner at Jeito added: “One of the pillars of our investment strategy is to deploy capital in truly differentiated and innovative therapies with high unmet medical need. The research and clinical work being undertaken by Noema Pharma fit these criteria exactly. The dedication of the Noema team and the quality of their work is clear to see and positions the company as the upcoming global leader in its field.”
The series B financing follows a $60 million series A financing concluded in December 2020, led by Sofinnova Partners and Polaris Partners. Noema Pharma was founded in 2019 with a seed investment from Sofinnova Partners and four clinical stage assets in-licensed from Roche.
Antoine Papiernik, chairman and managing partner of Sofinnova Partners “As co-founders and initial investors of Noema Pharma, we are incredibly proud of what the company has accomplished since its inception,” said. “Raising an oversubscribed funding round of this magnitude is a significant achievement that further reinforces our conviction that Noema can make a meaningful difference in the lives of patients suffering from debilitating CNS disorders.”