Novadip Biosciences, a Belgium-based late-stage clinical biotech company focused on regenerative medicine, has raised €10.4 million (around $12 million) through a convertible funding round.
The round was led by US-based New Science Ventures. Existing investors also participated, including Fund+, Wallonie Entreprendre, VIVES Fund, ORSA Tech, Sambrinvest, Noshaq and Invest.BW.
“This financing is a strong vote of confidence from our investors, and I’d like to thank them for their ongoing support. This is an important step forward for Novadip. It provides the resources to advance NVD003 through several major clinical and regulatory milestones, including the completion of our pivotal Phase 3 program in congenital pseudarthrosis of the tibia and the preparation for regulatory submission in the United States,” said Dr. Denis Dufrane, founder and CEO of Novadip.
Novadip Biosciences was founded in Belgium in 2013 as a spin-off from Université Catholique de Louvain and St. Luc University Hospital. The company grew from research led by its founder, Dr. Dufrane.
Novadip has developed a technology called 3M³ that uses stem cells from fat tissue to create new tissue. The technology is designed to help repair serious bone injuries, including large bone defects, fractures that do not heal properly and spinal fusion cases, potentially in a single procedure.
“With a pivotal Phase 3 program underway, regulatory preparation advancing and a significant commercial opportunity, Novadip is entering a critical value-creating period. This financing provides the means to execute on these priorities and prepare the business for its next stage of development,” said Eric Pâques, Chairman of the Board.
The funding will help Novadip prepare a Biologics License Application (BLA) for the US Food and Drug Administration (FDA). It will also support the company as it works toward important business and development milestones, including potential strategic partnerships.
If the FDA approves the BLA, Novadip could qualify for a Rare Pediatric Disease Priority Review Voucher. The company estimates that the voucher could be worth more than $100 million.
