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Enveda Biosciences Secures $55 Million to Accelerate Drug Discovery Efforts

Enveda Biosciences has successfully raised $55 million in a Series B2 financing round, bringing its total capital raised to $230 million. This influx of funds aims to accelerate the company’s drug discovery platform and advance multiple candidates towards clinical trials.

The Series B2 round attracted new investors, including Premji Invest, Microsoft, the Lingotto Investment Fund, and the Nature Conservancy. These new backers join existing investors Kinnevik, True Ventures, Level Ventures, FPV, and Jazz Venture Partners, who also contributed to this round.

Enveda’s platform focuses on overcoming traditional challenges in natural product drug discovery. These challenges include the detection of active molecules, prioritizing properties and structures, ensuring medicinal chemistry compliance, and accessing materials on a large scale. This technology recently enabled the company to nominate its sixth new chemical entity development candidate.

See also: Tech-First Companies Take the Lead in AI Drug Discovery

The newly secured funds will bolster the development of Enveda’s platform and support the Phase I clinical development of its three leading programs. The company plans to initiate trials for these programs in late 2024 and early 2025.

Enveda’s lead program is an oral anti-inflammatory agent targeting atopic dermatitis, which has demonstrated significant efficacy and safety in preclinical studies. Additionally, another promising asset in their pipeline is designed to inhibit cytokine signaling in the gut, showing potential for treating inflammatory bowel disease.

Viswa Colluru, CEO and founder of Enveda, highlighted the confidence of their new and existing investors in the company’s rapid progress and expansive potential. “In combination with our deep bench of top-tier investors, we are in an ideal position to advance our novel medicines into the clinic and to bring hope to waiting patients,” Colluru stated.

This funding milestone follows a $51 million equity financing round in April 2023, which was part of the Series B1 round aimed at advancing several drug candidates to clinical development.

Topics:
Biotech Companies