Novimmune completes $31 million funding round to progress NI-0501

Privately-held Swiss biotech firm Novimmune, focused on the discovery and development of antibody-based drugs, today said it has successfully completed another 30 million Swiss francs ($31 million) funding round with existing shareholders.

The equity increase comes after a series of significant advances in Novimmune’s drug pipeline including important clinical milestones of its lead compound, NI-0501 for hemophagocytic lymphohistiocytosis (HLH), currently in Phase II/III of clinical development. Primary HLH is a life-threatening disease of severe hyperinflammation which mainly occurs in children.

The US Food and Drug Administration recently granted Breakthrough Therapy designation to NI-0501 for the treatment of patients with primary HLH with refractory disease, or with recurrent or progressive disease during conventional therapy (The Pharma Letter March 18).