Qnovia announced today that it raised $17 million in a Series A financing to support its inhaled therapeutics technologies.
Blue Ledge Capital led the offering. DG Ventures, Evolution VC Partners, Gaingels, TL Capital, and Vice Ventures also participated.
Los Angeles-based Qnovia develops inhaled therapeutics. It focuses on nicotine replacement therapy (NRT) and cardiopulmonary diseases.
Qnovia develops the RespiRx drug delivery platform. The company said it is the first orientation-agnostic, portable vibrating mesh nebulizer that effectively operates in any position held by the patient.
The company plans to use the drug delivery platform across a range of therapeutic indications. That includes treating asthma and COPD. It could also stretch to vaccine delivery and pain management. The company said it may deliver both generic and investigational new drugs.
A “major milestone”
“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.”
Qnovia plans to use its Series A proceeds to advance its NRT drug candidate. It is currently in the process of FDA IND submission. The company plans to 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,” added 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.”