Sunday, February 14, 2016

Novira Therapeutics completes $2.5 million financing

The drug discovery firm based in Radnor raised most of its seed capital from local angel investor groups.

Novira Therapeutics completes $2.5 million financing

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Novira Therapeutics Inc., a Radnor drug discovery firm, has raised a total of $2.5 million in seed financing, thanks to the participation of three of the Philadelphia region's angel investor groups.

Delaware Crossing Investor Group, the Mid-Atlantic Angel Group Fund II and Robin Hood Ventures led the financing for the virtual company, which is developing compounds to treat viral diseases, such as Hepatitis B and HIV.

Novira's first outside investment came in 2009 from BioAdvance, the "life-sciences greenhouse" in Philadelphia that received funding from Pennsylvania's share of the national tobacco litigtation settlement. In all, BioAdvance has invested about $1.3 million in the start-up.

Novira, with just four employees, also has obtained an additional $1 million in grants through federal initiatives, such as the Small Business Innovation Research and Qualifying Therapeutic Discovery Project programs.

Hepatitis B infections afflict more than 350 million people worldwide.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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