NanoPhoria closes 83.5 million funding round

NanoPhoria Bioscience closes the first tranche of its 83.5 million euro Series A financing round. The deal, led by Xgen Venture, Sofinnova Partners and Cdp Venture Capital, with the participation of Panakes Partners, is by amount the largest for a biotech start-up in Italy.

"This investment is perfectly in line with Xgen Venture's strategy to lead early-stage funding rounds of Italy's most innovative startups that address real medical needs," notes Paolo Fundarò, managing partner of the venture capital firm, continuing, "NanoPhoria's science offers a novel and practical approach to delivering highly potent therapies directly to the heart, and we are thrilled to partner with a consortium of top-tier investors." Xgen is currently investing through its first fund, Xgen Venture Life Science Fund, launched in 2022 and focused on early-stage investments in biotechnology, medical devices and diagnostics.

"NanoPhoria's platform has the potential to redefine therapeutic paradigms in cardiovascular and other chronic diseases, which is why we are excited to invest in this company," adds Henrijette Richter, managing partner of Sofinnova Partners: "This funding builds on the initial support provided by my colleague Lucia Faccio, Partner in the Sofinnova Telethon y strategy, whose role was instrumental in supporting the company in its early stages. The investment reflects Sofinnova's broader commitment to supporting excellent science in Europe, from the creation of new companies to their advanced growth'. Founded in 1972, Sofinnova Partners is a well-established player in the European venture capital landscape, with 50 years of experience, more than 500 companies supported and creating market leaders globally. Today it manages over €4 billion in assets.

Also in the game was Cdp Venture Capital, an asset management company with €4.7 billion in assets under management, which operates through a series of funds dedicated to supporting start-ups at all stages of their life cycle, making direct and indirect investments. Cdp Venture Capital's participation in NanoPhoria's Series A round was through the Large Ventures Fund. And finally Panakès Partners, which, founded in 2016 by Fabrizio Landi, Alessio Beverina and Diana Saraceni, today manages €250 million in assets.

The funding, the company explains, will allow it to proceed with the development of NanoPhoria's lead candidate, NP-MP1, in preclinical studies enabling the Investigational New Drug application (a formal request to the US Food and Drug Administration to obtain authorisation to test a new drug in humans through clinical trials) and the early stages of clinical development.