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Denmark’s Novo leads $30m round for Elevation Pharmaceuticals

4 Jan 2012

Elevation Pharmaceuticals has closed a $30m Series B financing round led by new investor Novo Ventures, which will fund the development of the company’s new aerosol therapy for patients living with chronic obstructive pulmonary disease (COPD).

All previous investors participated in the round, including Canaan Partners, TPG Biotech, Care Capital and Mesa Verde Venture Partners.

A currently-marketed long-acting muscarinic antagonist (LAMA) bronchodilator is the standard of care for treating moderate-to-severe COPD, but no LAMAs are approved for use in a nebuliser, which is the preferred delivery device for patients with more severe disease.

Heath Lukatch, a partner at Novo Ventures who will also join the company’s board of directors, said, “We believe that Elevation Pharmaceuticals’ EP-101 will provide a much needed new treatment option for an underserved segment of the COPD patient population.

“EP-101 has already demonstrated improved lung function in multiple human clinical trials and Elevation’s management team has a successful track record of developing drugs using new delivery technologies,” he added.

Novo Ventures recently joined SV Life Sciences and Fidelity Biosciences in a $40m Series A tranche of funding for Imagen Biotech, a UK-based biopharmaceutical company focused on identifying and developing therapeutics for blinding diseases.

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