5AM Ventures and Canaan Partners have joined forces to lead a $23 million A round for a startup antiviral biotech based in Radnor, PA. Novira Therapeutics is developing capsid-targeting antivirals for hepatitis B and HIV.
Novira's theory is that by interfering with capsids--a viral protein involved in replication and transmission--the company can introduce a new treatment for viral diseases. WuXi PharmaTech as well as existing investors BioAdvance, Mid-Atlantic Angel Group, Robin Hood Ventures and Delaware Crossing Investment Group joined the round.
The co-founder of the biotech is Osvaldo Flores, who had been director of antiviral research at Merck ($MRK).
"While many advances have been made in the treatment of chronic HBV and HIV infections, therapy for these diseases is still plagued by certain limitations, including the absence of a true cure for chronic infection with HBV and the development of drug resistance during chronic infection with HIV, leading to a need for antivirals with a new mechanism of action," noted 5AM's Scott Rocklage. "We were drawn to Novira's novel approach, which holds much promise for treating these viral diseases with oral drugs that can potentially work either as a monotherapy or in combination with the current standard of care, as well as the company's strong management team, which has extensive expertise in pharmaceutical drug discovery."
- here's the press release