NovImmune raises $56.4 million

NovImmune S.A. (Geneva, Switzerland) raised CHF62.5 million ($56.4 million) in an equity financing led by existing investor BZ Bank. Novartis Venture Fund; Ingro Finanz; Varuma; Pictet Private Equity Investors; and Aravis Venture, all also existing investors, participated.

NovImmune said it will use an undisclosed portion of the proceeds to reacquire rights to human mAbs NI-0401 and NI-0501 from the Merck Serono unit of Merck KGaA (Xetra:MRK). NI-0401, which targets CD3, is in Phase II testing to treat Crohn's disease, Type I diabetes and transplant rejection. NI-0501, which targets interferon (IFN) gamma, is in preclinical testing to treat autoimmune and inflammatory disorders. ...