Hoba Therapeutics launches with $2 million in seed financing
Hoba Therapeutics, a biotechnology company focusing on developing disease-modifying treatments for neuropathic pain, has been formed based on a DKK 14 million (US$ 2 million) seed investment. Novo Seeds, part of Novo A/S, led the financing together with Danish investor BOREAN Innovation.
Neuropathic pain is a type of pain caused by a primary lesion or dysfunction in the nervous system. Pain may be caused by diseases of the nervous system (such as postherpetic neuralgia) or from the side effects of systemic illness (such as diabetes, trauma or chemotherapy-induced neuropathy). The current therapies provide only symptomatic and moderate pain relief and only for a subset of patients. The approved drugs for neuropathic pain have significant side effects that limit their use or the duration of dosing. The key side effects of the current drugs include sedation, dizziness and weight gain.
“Neuropathic pain remains an area of significant unmet need for patients, and we are excited about the potential promise of this novel therapeutic approach,” says Amanda Hayward, Executive Chair of Hoba Therapeutics. “I am thrilled to be working with this experienced team to develop products that could one day make a meaningful difference for patients managing pain.”
“This company focuses on advancing a novel therapeutic protein targeting the glia cells in further preclinical development. We are excited to work with a highly capable team on a new therapeutic concept for treating neuropathic pain, a field in which patients are clearly underserved in terms of treatment options. We are impressed with the extended duration of efficacy, lasting several weeks across a variety of in vivo pharmaceutical models of neuropathic pain, as well as the potential for a disease-modifying treatment option,” says Morten Graugaard Døssing, Investment Director of Novo A/S.
“BOREAN Innovation has great expectations for this new pain treatment regimen, and we are very pleased to be a part of this biotech investment together with Novo Seeds,” says Lene Gerlach, Portfolio Manager at BOREAN Innovation and board member at Hoba Therapeutics. “This investment shows that innovation incubators such as BOREAN Innovation want to support start-ups within the life sciences.”
About Hoba Therapeutics
The company will be based in Copenhagen, Denmark and is founded based on research conducted at NsGene, a Danish biotech company.
Source: Novo Press Release