Jul 24, 2012
CoDa Therapeutics, Inc. announced that it raised an additional NZ$24.5M from Russian investment firm RusnanoMedInvest (“RMI”). This brings the company’s total Series B Round to nearly NZ$49 million following a first close late last year.
All current investors, including Auckland-based BioPacific Ventures, participated in the round. RMI is a Russian government company which invests in medicine and pharmaceuticals.
The RMI investment is accompanied by a licensing of CoDa intellectual property rights in Russia, potentially accelerating the availability its drug Nexagon® on the Russian market. CoDa will receive an upfront license fee and royalties based on sales.
The financing will be partly used to expand late stage clinical trials of Nexagon® as a treatment for diabetic foot ulcers. CoDa recently initiated a 160 patient Phase 2 diabetic foot ulcer trial in the United States and will include additional clinical sites in Russia over coming months.
CoDa is also currently conducting a 300 patient Phase 2b trial of Nexagon® for the treatment of people with venous leg ulcers in New Zealand, the United States and South Africa.
Results from an earlier trial showed Nexagon® to be highly effective as a novel wound therapy for venous leg ulcers. In that trial, nearly one third of patients’ wounds were completely healed after just four weeks following only three applications of Nexagon® (compared to only 6% healing in a control group).
Bradford J. Duft, co-founder, President and Chief Executive Officer of CoDa Therapeutics said, “This investment by RMI – which brings the total funds raised by CoDa to over $90 million – is a significant validation of the New Zealand originated science co-invented by Professor Colin Green at the University of Auckland. CoDa is privileged to have a strong clinical and research team based in our Auckland office, led by Chief Operating Officer Tracey Sunderland, along with the support of local investor BioPacificVentures and, importantly during our continuing growth, New Zealand Trade and Enterprise (NZTE) the Ministry of Business, Innovation and Employment (MBIE).”
CoDa has 70% of its staff in New Zealand including five scientists based in the Institute for Innovation in Biotechnology at the University of Auckland.