Biotechnology company Galera Therapeutics has closed an $11m Series A venture capital financing co-led by New Enterprise Associates (NEA) and Novartis Venture Fund (NVF), as well as Correlation Ventures.
Proceeds will be used to expand clinical development of Galera’s small molecule therapeutics, it said.
“Dismutase enzymes represent an exceptional opportunity for powerful new drugs,” said Dr Jim Barrett, a General Partner at NEA.
“Galera’s small molecule drugs offer the potential to unlock this potent biology.”
Novartis managing director Campbell Murray said, “We are enthusiastic about Galera’s drug candidates because of their potentially broad applicability in several serious diseases.
“It is especially exciting to be able to begin clinical validation immediately.
“We look forward to working with Mel and the Galera team to realize the substantial therapeutic value of their development portfolio.”
Galera Therapeutics was founded by a team of drug developers with seed support from BioGenerator, the St Louis Arch Angels, ABC Laboratories, and the Center for Emerging Technologies.
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