Blue Ledge Capital, Evolution VC Partners, Vice Ventures and Gaingels led the financing. It brings Richmond, Virginia-based Qnovia to $50 million raised since inception.
Funds raised by Qnovia support its proprietary inhaled drug delivery platform, the RespiRx. RespiRx offers inhalable nicotine replacement therapy (NRT) to assist in the quitting of smoking. CEO Brian Quigley explained the technology to Drug Delivery Business News in 2022.
Qnovia picked up an FDA investigational new drug (IND) clearance earlier this year, enabling a Phase I trial in the U.S. to go forward to evaluate the company’s inhaled smoking cessation therapy.
The company expects the latest funds to advance its therapy beyond the Phase I trial and support a UK regulatory submission in 2026.
“This Series B financing marks a meaningful milestone for Qnovia as it provides validation for our RespiRx proprietary platform, our progress in the regulatory process and the potential for our inhaled drug delivery platform to improve patient outcomes. We are grateful for the partnership with our investors who are committed to our vision of advancing the development of inhaled therapeutics for areas of high unmet need, starting with our focus on bringing innovation to medicines to support smoking cessation,” said Brian Quigley, CEO.
