New funding boosts European biotech innovation

European biotech start-ups Numab Therapeutics and AnaCardio have raised new funding to advance their pipelines, adding positive momentum to the sector at the start of the new year.

Switzerland-based Numab secured 50 million francs ($55 million) in an oversubscribed series C extension, while Sweden’s AnaCardio raised $19 million in a series A extension.

Numab's financing, co-led by Cormorant Asset Management and Forbion, among others, brings its total series C round to 180 million francs. The company plans to use the funds to accelerate its pipeline of multi-specific antibodies targeting inflammation and oncology.