Noa Therapeutics Secures Pre-Seed Financing to Transform the Treatment of Inflammatory Disease

TORONTO, March 7, 2024 /CNW/ - Noa Therapeutics, a preclinical stage biotech company with a portfolio of novel trimodal therapeutics to address inflammatory barrier diseases, announced that they have secured an oversubscribed pre-seed financing round.

The round was led by UCeed, with participation inclusive of Ontario Centre of Innovation Life Science Innovation Fund, Archangel Network's StarForge and Phoenix Fire funds, Golden Triangle Angel Network, Angel One Investor Network, and NorthSpring Capital Partners. T he financing round is inclusive of 58% of investment diligence led by women and 27% direct dilutive investment by women. 

Concurrently, Noa Therapeutics announced its board of directors including Dr. Maura Campbell, President & CEO of OBIO ® and Dr. François Ravenelle, President & CEO of Inversago Pharma.

"We're proud to be led by 100% women and 50% people of color and are incredibly appreciative of the support we've received from investors and ecosystem partners inclusive of OBIO®, Elevate Women+ in partnership with the Firehood, Creative Destruction Lab, Life Sciences Ontario, MaRS, and Innovation Factory" said Noa Therapeutics' co-founders Carla Spina PhD and Serena Mandla P.Eng., MASc.  "Our new board and oversubscribed round are significant indicators of our progress towards breaking the cycle of treatment failures to deliver meaningful therapeutics to underrepresented and underserved patients."

One in ten people in North America struggle with atopic dermatitis, the most common form of eczema. Due to disease complexities, patients cycle through treatments, face complications like infection, and struggle to find relief.

Proceeds from the financing will be used to advance Noa Therapeutics' lead drug candidate for atopic dermatitis and hit-to-lead for secondary inflammatory diseases involving barrier dysfunction, including ulcerative colitis and inflammatory bowel disease.

Founded in 2022, and a resident company of Johnson & Johnson Innovation - JLABS Toronto, Noa is a preclinical biotechnology company passionately committed to transforming treatments of complex immune diseases. Noa is developing novel trimodal small molecules to address the complexity of inflammatory barrier diseases by simultaneously targeting three key disease drivers to reduce treatment failures and address unmet needs in >$100B of inflammatory disease markets.

For more information: www.noatherapeutics.com

UCeed is Canada's largest university-based investment fund. A group of early-stage investment funds, UCeed is backed by philanthropic support, accelerating early-stage startup companies to advance problem-solving research, create jobs and fuel the economy.

For more information: https://www.ucalgary.ca/uceed/uceed

SOURCE Noa Therapeutics