Connect with us
Prague Gaming & TECH Summit 2024

Fintech PR

Hoba Therapeutics raises EUR 23 million in a Series A to advance new drug candidate against chronic neuropathic pain

Published

on

hoba-therapeutics-raises-eur-23-million-in-a-series-a-to-advance-new-drug-candidate-against-chronic-neuropathic-pain

COPENHAGEN, Denmark, Dec. 11, 2023 /PRNewswire/ — Hoba Therapeutics, a Novo Holdings-founded Danish biotech company dedicated to developing novel therapeutic proteins for patients living with chronic neuropathic pain and hearing loss, today announced that it has raised EUR 23 million (USD 25 million) in a Series A financing first close. The financing was co-led by Indaco Venture Partners and Medical Incubator Japan, and includes investments from current investors Novo Holdings, Eir Ventures, and the Export and Investment Fund of Denmark (EIFO). In the syndicate is also The European Innovation Council Fund with an investment as part of the Accelerator funding program under Horizon Europe.

Hoba Therapeutics is developing HB-086 for the treatment of chronic neuropathic pain conditions.

Neuropathic pain represents a significant unmet medical need, affecting more than 400 million patients worldwide. HB-086 is a non-opioid compound with a unique mode of action, targeting the underlying cause in the peripheral nervous system to reverse neuropathic pain. A comprehensive preclinical data package demonstrated a fast onset and long-acting analgesic effect, and also the ability to prevent the development of neuropathic pain. The proceeds of the Series A first close will enable Hoba Therapeutics to advance HB-086 through late pre-clinical development to the completion of Phase 1 clinical studies in patients for painful Chemotherapy-Induced Peripheral Neuropathy (CIPN). The indication is selected as a gateway indication into chronic neuropathic pain disorders and is a painful, often debilitating condition caused by cancer treatment with certain chemotherapy drugs.

“We are thrilled to close the first round of the Series A,” said Torsten M. Madsen, CEO of Hoba Therapeutics. “This is an experienced investor syndicate backing Hoba Therapeutics. In addition to the participation of our current investors, we have strengthened the syndicate with the participation of funds from Europe and Japan, along with strong support from The European Innovation Council Fund. This shows the shared perspective on the large unmet need we aim to fill and reflects our focus and commitment to help patients worldwide and we believe that these funds can contribute significantly to achieving our objectives.”

“Indaco is proud to have led this Series A round, together with Medical Incubator Japan, and we are excited to join Hoba Therapeutics as an investor,” added Goncalo Rebelo de Andrade, Partner at Indaco BIO Fund. “At Indaco, we give priority to companies that, like Hoba Therapeutics, are aimed at tackling the underlying causes of disease and are led by high-profile committed teams. In advancing pioneering pharmaceutical solutions, the leadership team at Hoba Therapeutics exhibits extraordinary expertise and commitment. While focusing firmly on both scientific excellence and patient benefit, they are well-positioned to make a substantial impact in healthcare.”

Camilla Petrycer Hansen, Principal, Seed Investments, Novo Holdings, said: “As a founding investor, we are excited about the prospects of Hoba Therapeutics. A staggering number of people globally endure the debilitating consequences of chronic pain every day, a vast issue largely neglected by the market due to a dearth of innovation in this field for many years. This unmet need is not only a burden for patients but also imposes significant costs on healthcare systems. Together with Eir Ventures and EIFO, we are delighted to welcome new investors into our syndicate, firmly believing in their substantial contribution to the continued progress of Hoba Therapeutics.”

Dr. Kenji Harada, Investment Officer at Medical Incubator Japan, expressed his excitement about the investment in Hoba, a Danish innovation: “It’s a great honour for us to take a co-lead position in this round. I firmly believe that Hoba Therapeutics’ programs will yield significant positive impacts on pain management and related therapies. This investment in an outstanding Danish company not only signifies our support, but also paves the way for future investments from Japan into Danish and other European biotech companies.”

Svetoslava Georgieva, Chair of the EIC Fund Board, said: “The EIC Fund has established itself as a strong force in EU deep-tech investments. This unique form of financing via EIC – combining grants and equity – is proving itself highly attractive to Europe’s most promising start-ups. Our investment will provide Hoba Therapeutics with means to help patients suffering from chronic neuropathic pain worldwide.”

About chronic neuropathic pain
Chronic neuropathic pain is a significant global health issue, affecting a substantial portion of the population worldwide. In Europe, the prevalence is estimated to be 6–8%[1] of the general population. Chronic neuropathic pain represents an enormous personal and economic burden. Neuropathic pain is a chronic disorder resulting from damage or dysfunction of the nervous system. Causative factors are lesions in or disorders of the nervous system, such as injury, pressure, toxic agents (e.g., chemotherapy), viral infections, and metabolic disorders. These lesions lead to aberrant functioning of sensory nerve cells, resulting in a chronic, debilitating sensation of pain.

Chronic neuropathic pain is primarily managed with antidepressants (including TCAs, SSRIs, and SNRIs), antiepileptic drugs like pregabalin and gabapentin, and opioids. These medications modify pain perception and stabilise nerve cells, but their effectiveness varies widely among individuals, and they often fail to provide complete pain relief. Side effects, such as dizziness, tiredness, and addiction risks are major concerns. A major limitation is that these drugs generally don’t target the specific causes of neuropathic pain, and their efficacy is reduced when the underlying conditions, like nerve damage, cannot be treated effectively[2],[3].

The complexity and variability of chronic neuropathic pain necessitates a multifaceted treatment approach and highlights the need for ongoing research and development of more effective and safer treatment options. The global neuropathic pain market is estimated to be valued at USD 7.6 billion in 2023 and is expected to exhibit a CAGR of 6.2% during the next seven years[4].

About Hoba Therapeutics
Hoba Therapeutics is a Danish biotech developing restorative treatments for chronic pain disorders and hearing loss. Both indications have a clear unmet medical need for safe and efficacious treatments for millions of patients worldwide. Hoba Therapeutics is developing HB-086 for the treatment of chronic neuropathic pain. HB-086 is a non-opioid compound with a unique mechanism of action targeting the peripheral nervous system to reverse neuropathic pain and the underlying cause of the disease. The second drug candidate HB-097 is a pharmacological treatment for sensorineural hearing loss. Preclinical data of HB-097 show both a preventive effect of hearing loss by protecting nerve cells and a regenerative effect by reversal of already induced damage.

Hoba Therapeutics was founded in 2016 by Novo Holdings and Borean Innovation. Hoba Therapeutics received the Accelerator grant from the European Innovation Council in 2021 and the Grand Solution grant from Innovation Fund Denmark in 2018.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure, and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.

As of November 2023, Novo Holdings had total assets of EUR 150 billion

www.novoholdings.dk

About The Export and Investment Fund of Denmark
The Export and Investment Fund of Denmark (EIFO) is the national promotional bank and export credit agency of Denmark combined in one financial institution. EIFO provides a single point of access for Danish companies as well as for their foreign and domestic business partners who need risk-tolerant government capital. EIFO wants to support the successful businesses which can grow the Danish economy and green the globe. We make the world Denmark’s business.

www.eifo.dk

About Eir Ventures
Eir Ventures I AB is a Nordic life science venture capital fund that invests in private companies with outstanding entrepreneurs developing transformative therapeutic approaches. The fund commenced its investment activities in 2020 and invests in opportunities addressing significant unmet medical needs for new therapies, medical technology, and digital health. Eir Ventures AB is led by a team of experienced life science investors and is supported by a strong investor syndicate consisting of leading local and international institutional investors and, uniquely, leading Nordic universities.  www.eirventures.eu

About Indaco Venture Partners
Indaco Venture Partners SGR is one of the largest independent Italian venture capital asset management companies, with over EUR 350 M in assets under management, focused on companies that innovate in electronics, robotics, new materials, medtech, biotech – pharma and digital. Indaco Bio Fund (around EUR 100 M) is exclusively dedicated to investing in the development of innovative pharmacological therapies, across all therapeutic indications but with particular attention to Oncology, CNS, Ophthalmology, Metabolic diseases, Virology, and Infectious diseases. Indaco is focused on the Italian Biotech sector with select investments in other European countries, USA, Canada, and Israel.

www.indacosgr.com

About Medical Incubator Japan
Medical Incubator Japan is a venture capital firm based in Japan specialising in investments within the biotech sector across the EU, Japan, and the US. Their investment portfolio encompasses pharmaceuticals, medical devices, diagnostics, and cutting-edge life science technologies driven by AI. Although their history is relatively concise, they currently manage approximately USD 50 M in assets. Medical Incubator Japan is on the brink of commencing investments from their newly established fund shortly.

www.medicalincubatorjapan.com/en/

About The European Innovation Council Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The European Investment Bank acts as investment adviser to the EIC Fund.

The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.

The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.

Hoba Therapeutics ApS
Ole Maaløes vej 3
Copenhagen
DK-2200

www.hobatherapeutics.com

[1] Neuropathic Pain: The Scope of the Problem – PMC (nih.gov)

[2] Neuropathic pain in adults: pharmacological management in non-specialist settings – NCBI Bookshelf (nih.gov)

[3] Pharmacotherapy for Neuropathic Pain: A Review – PMC (nih.gov)

[4] “Neuropathic Pain Market Analysis” by Coherent Market Insights

View original content:https://www.prnewswire.co.uk/news-releases/hoba-therapeutics-raises-eur-23-million-in-a-series-a-to-advance-new-drug-candidate-against-chronic-neuropathic-pain-302010139.html

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Fintech PR

Velo Is Enhancing Its Own Ecosystem Through Interoperability

Published

on

velo-is-enhancing-its-own-ecosystem-through-interoperability

Interoperability in Velo: To Infinity and Beyond

BANGKOK, March 5, 2024 /PRNewswire/ — As new blockchains and blockchain-based platforms emerge, it’s crucial for these ecosystems to be interconnected, enabling users to seamlessly transfer their assets without complications. Velo is enhancing its own ecosystem through interoperability, aspiring to become a pivotal connection point for various blockchains.

A significant update within Universe is its support for multiple wallet addresses on a single platform, catering to users who possess multiple wallets across different platforms. This feature is essential for managing diverse assets conveniently.

Furthermore, Universe is integrating multi-chain login and registration support for networks such as Solana and Tron, thereby improving Velo’s accessibility and usability. Efforts are in place to refactor the user database and management code, ensuring a smooth and secure experience.

Velo is advancing its blockchain integration by incorporating the Solana and Tron networks, aiming to offer enhanced deposit and withdrawal functionalities to enrich its ecosystem. This initiative involves deploying Solana and Tron chain-node and full-node functionalities, thereby broadening the network’s diversity and user options. Additionally, Universe is introducing a dedicated user interface (UI) for Solana transactions, encompassing deposit-withdrawal and account management across Webplus and mobile platforms, ensuring a seamless user experience.

This streamlined approach guarantees that Velo’s users have comprehensive and intuitive access to a broader range of transaction options, significantly boosting the platform’s utility and user engagement.

The integration with the Lightning Network marks a significant advancement in improving Bitcoin transactions. By implementing Lightning chain-node and deploying a BTC full-node, Orbit aims to streamline Bitcoin deposits and withdrawals, making them faster and more cost-efficient.

Velo’s dedication to ensuring inclusivity and connectivity with other blockchains is evident through the concrete steps it has taken. With aggressive strides towards unlocking the full potential of the Velo Protocol, Velo is poised for significant growth and innovation.

About Velo Labs

Velo Labs is a global pioneer in Web3-based financial solutions, offering a cutting-edge liquidity and settlement network for secure, efficient value transfers. Backed by Stellar Network and CP Group, our reach has expanded beyond Southeast Asia and the Pacific, now serving partners worldwide. We connect and complement the gap between traditional banking infrastructure and Web3, leading the way in blockchain mass adoption. Our extensive Web3-based payment network and Lightnet, our licensed settlement partner, position us as a global heavyweight. Velo Labs offers a diverse range of Web3-based products, notably Orbit, tailored for individuals, merchants, corporations, and enterprises worldwide — dedicated to empowering global financial connectivity and expanding accessibility globally.

Follow us for more info: Twitter / Telegram / Website

View original content:https://www.prnewswire.co.uk/news-releases/velo-is-enhancing-its-own-ecosystem-through-interoperability-302079542.html

Continue Reading

Fintech PR

CGTN: China vows to develop new quality productive forces in modernization drive

Published

on

cgtn:-china-vows-to-develop-new-quality-productive-forces-in-modernization-drive

BEIJING, March 5, 2024 /PRNewswire/ — China saw the number of contracted technology transactions grow by 28.6 percent in 2023, an achievement that speaks volumes of the country’s enhanced capacity for innovation-driven development.

China will leverage the leading role of innovation, spur industrial innovation through advancements in science and technology, and press ahead with new industrialization, according to a government work report submitted on Tuesday to the national legislature for deliberation.

Chinese Premier Li Qiang delivered the report at the opening meeting of the second session of the 14th National People’s Congress in the Great Hall of the People in Beijing.

The report says that the country will strive to modernize the industrial system and develop new quality productive forces at a faster pace.

Developing new quality productive forces

With innovation leading the way, new quality productive forces mean going beyond the traditional models of economic growth. This path features high technology, high efficiency and high quality, and aligns with China’s new development philosophy.

In order to develop these new quality productive forces, the government work report lists a series of tasks.

It calls for improving and upgrading industrial and supply chains besides cultivating emerging and future-oriented industries, such as hydrogen power, new materials, biomanufacturing, commercial spaceflight, quantum technology and life sciences.

The report also says that innovative development of the digital economy will be promoted, an Artificial Intelligence Plus initiative will be launched, and the country will consolidate and enhance its leading position in industries such as intelligent connected new-energy vehicles.

Moreover, China has set an economic growth target of around 5 percent for 2024 and vowed to promote high-quality development. It will issue ultra-long special treasury bonds annually over the next several years for implementing major national strategies and building up security capacity in key areas, starting with 1 trillion yuan of such bonds this year, according to the report.

The report also stresses efforts for invigorating China through science and education and consolidating the foundations for high-quality development.

China will speed up efforts to build a contingent of personnel with expertise of strategic importance and cultivate more first-class scientists and innovation teams.

The country will develop platforms for identifying basic research talent, train high-performing engineers and highly-skilled workers, and enhance support for young scientists and engineers, according to the report.

Acting on people-centered development philosophy

China will make efforts to ensure and improve the people’s welling and promote better and new ways of conducting social governance, the report says.

It highlights that China will deliver real benefits to the people to their satisfaction by acting on the people-centered development philosophy.

In 2023, China’s per capita disposable income of residents increased by 6.1 percent, and over 66 million taxpayers benefited from an increase in the special additional deductions for individual income tax, which cover children nursing expenses, children’s education and elderly care expenses, according to the report.

In 2024, the country expects to create over 12 million jobs in urban areas and keep the surveyed urban unemployment rate at around 5.5 percent.

China will also enhance ecological conservation and promote green and low-carbon development, including taking comprehensive steps to improve the environment and boosting the green and low-carbon economy, according to the report.

In 2023, China’s installed renewable energy capacity surpassed its thermal power capacity for the first time in history and it accounted for over half of newly installed renewable energy capacity worldwide, according to data released by the National Energy Administration.

The country will advance the energy revolution and actively and prudently work toward peaking carbon dioxide emissions and achieving carbon neutrality, according to the report.

https://news.cgtn.com/news/2024-03-05/China-s-top-legislature-starts-annual-session-1rImSPDg5EI/p.html

View original content:https://www.prnewswire.co.uk/news-releases/cgtn-china-vows-to-develop-new-quality-productive-forces-in-modernization-drive-302079529.html

Continue Reading

Fintech PR

SK chemicals, Hyosung Advanced Materials, and Hankook Tire Commercialize South Korea’s First Chemically Recycled PET Tire

Published

on

sk-chemicals,-hyosung-advanced-materials,-and-hankook-tire-commercialize-south-korea’s-first-chemically-recycled-pet-tire
  • Establishing a circular economy that extends from recycled PET to high-strength tire cords and electric vehicle-exclusive tires
  • Leading the global tire industry’s sustainable management by commercializing products with 45% eco-friendly certified materials

SEONGNAM, South Korea, March 5, 2024 /PRNewswire/ — To reduce carbon emissions, the South Korean industrial sector has developed and commercialized the country’s first tire using chemically recycled PET.

SK chemicals (CEO Ahn Jae-hyun), Hyosung Advanced Materials Co., Ltd. (CEO Cho Yong-soo), and Hankook Tire & Technology Co., Ltd. (CEO Lee Soo-il, hereafter Hankook Tire) announced on the 5th that they have successfully developed the electric vehicle-exclusive tire “iON” applying “circular recycled PET (polyester) fiber tire cords.” Circular recycling is an exclusive chemical recycling technology of SK chemicals that breaks down discarded plastics through chemical reactions into molecular units and then uses these raw materials to produce recycled plastics.

Before the commercialization phase, there were instances where chemical recycling technology was applied to concept tires or prototypes, but the release of a tire product to the market using chemically recycled PET-based tire cords through to commercialization is a first in South Korea.

SK chemicals, Hyosung Advanced Materials, and Hankook Tire have collaboratively developed this tire over a period of about two years. SK chemicals has reliably supplied the circular recycled PET “SKYPET CR”, and Hyosung Advanced Materials developed the high-strength recycled PET-based tire cords using this as a raw material. The developed tire cords were applied to Hankook Tire’s premium electric vehicle tire brand, iON. The iON tire, with a 45% sustainable material content, has recently passed the stringent reliability verification by a European automotive manufacturer, securing final approval for use and being mounted as tires for new vehicles.

Tire cords are fiber reinforcement materials that help maintain the shape of the tire and withstand the load and impact applied during driving, enhancing the tire’s durability, driving performance, and ride comfort.

SK chemicals’ “SKYPET CR” has the advantage of maintaining high-quality properties and safety even after infinite recycling, compared to the physical recycling method of washing discarded plastics or cutting them into flakes for reuse, and it can achieve properties equivalent to petrochemical-based materials.

The iON model developed by Hankook Tire incorporates 45% sustainable materials, including bio-based, circular, and bio-circular polymers, bio-based silica along with Hyosung Advanced Materials’ tire cords, and the model is the first tire to bear the ISCC PLUS certification logo.

 

SK Chemicals Logo

Photo – https://mma.prnewswire.com/media/2353435/Sustainable_tires_commercialized_SK_chemicals_Hyosung_Advanced_Materials_Hankook_Tire.jpg
Logo – https://mma.prnewswire.com/media/2030193/SK_Chemicals_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/sk-chemicals-hyosung-advanced-materials-and-hankook-tire-commercialize-south-koreas-first-chemically-recycled-pet-tire-302078307.html

Continue Reading

Trending