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


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
We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at

Mike Armstrong Inquirer Columnist
Also on
letter icon Newsletter