INDUSTRIFONDEN JOINS GLIONOVA SEK 42 MILLION ($5.7 MILLION) FINANCING CO-LED BY HEALTHCAP AND NOVO TO TAKE NOVEL THERAPY FOR GLIOBLASTOMA INTO CLINIC
STOCKHOLM, December 09, 2014 – Glionova Therapeutics, an oncology-focused biopharmaceutical company today announced that Industrifonden has joined a SEK 42 million (US$ 5.7 million) Series A financing co-led by Novo Seeds and the company’s founding investor, HealthCap to take its lead compound GLN-1001 for treatment of glioblastoma into clinical trials.
“We welcome this additional support and validation from Industrifonden, who together with existing investors represents some of the most experienced investors in the Nordics,” said Eugen Steiner, M.D., Ph.D., Chief Executive Officer of Glionova Therapeutics. “The combined experience and financial backing from our investors enables us to advance GLN-1001 into clinical development with the aim of improving treatment for patients with glioblastoma.“
Glionova Therapeutics is developing GLN-1001, a novel agent for potential disease modifying treatment for glioblastoma, the most common and most aggressive form of brain cancer.
Nina Rawal, Ph.D., Investment Manager at Industrifonden, commented: “We look forward to working with the Glionova team and our co-investors to develop this ground breaking therapy”. Following the investment, Dr. Rawal will join the Glionova Board of Directors.
About Glionova Therapeutics
Glionova Therapeutics is a privately held biopharmaceutical company focused on developing new therapies for cancer. The Company’s lead candidate, GLN-1001, is a first-in-class, orally available oncolytic small molecule, currently being developed as a potentially disease modifying therapy for glioblastoma by targeting specific vulnerabilities in tumor cells. Glioblastoma is the most common and most aggressive form of brain cancer, affecting roughly 2-7 in 100 000 individuals world-wide annually.
GLN-1001 is currently in preclinical development, where it has been shown to dramatically prolong survival in patient derived xenograft animal models of glioblastoma. Glionova aims to apply for orphan drug designation in both the United States and the European Union. Visit www.glionova.com for more information. http://www.glionova.com/
Industrifonden invests in small and medium-sized Swedish companies with international growth potential. We take a long-term approach, usually in partnership with entrepreneurs and other investors. The Fund has assets of SEK 3.7 billion and investments in around 90 companies in technology, cleantech, life science and industry. For more information, visitwww.industrifonden.se/english
For further information, please contact:
Eugen Steiner, CEO Glionova Therapeutics. Cell phone: +46 70 540 65 19.
Nina Rawal, Investment Manager Industrifonden. Cell phone: +46 70 515 01 89.