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.