Qnovia, Inc. Raises $17 Million in Series A Funding To Advance Its Inhalable Therapeutics Pipeline
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Qnovia, Inc. (Qnovia), a pharma company developing inhaled therapeutics with an initial focus on nicotine replacement therapy (NRT) and cardiopulmonary diseases, has announced it has raised $17 million in Series A funding. The financing was led by Blue Ledge Capital and included DG Ventures, Evolution VC Partners, Gaingels, TL Capital, and Vice Ventures.
“This Series A closing represents a major milestone for Qnovia as we seek to develop an initial proof of concept for our platform in NRT before expanding into additional therapeutic indications,” said Brian Quigley, CEO of Qnovia. “Once the FDA approves our Investigational New Drug (IND) application, we plan to initiate a Phase 1 study for NRT in 2023. As we pursue NRT authorization, we aim to identify significant expansion indications to pursue both alone and with partnerships.”
The Series A proceeds will be used by Qnovia to advance its NRT drug candidate through an IND submission with the FDA and begin human clinical trials in 2023.
“We are thrilled to be backing this new platform for inhaled therapeutics, and our participation in this round reflects not only our confidence in the technology but in Qnovia’s management’s ability to bring it to consumers and patients,” said Andy Roche, Founder and CIO at Blue Ledge Capital. “We are excited by the possibilities that exist beyond NRT for this innovative new drug platform and look forward to supporting them on this journey.”