InnovoTEX lands Bull Life Sciences-led financing for oncology drug
What's the deal? InnovoTEXDealroom has a profile for this one. Try Dealroom →, an Austin-based biotechnology company developing Macrocycle Drug Conjugates, has closed a strategic financing led by Bull Life Sciences. The amount was not disclosed. The financing will support IND-enabling development of NOVO-111, its lead oncology candidate.
Where the money goes. Proceeds will fund manufacturing scale-up, GLP toxicology, pharmacology and regulatory-enabling studies. InnovoTEX is pursuing the U.S. Food and Drug Administration's 505(b)(2) pathway as it advances towards an IND submission.
Why it matters. NOVO-111 is designed to deliver oxaliplatin more selectively to tumours while reducing systemic exposure. InnovoTEX said the financing also supports discussions with pharmaceutical companies seeking differentiated oncology assets.
InnovoTEX CEO and founder Krystle KaroscikDealroom has a profile for this one. Try Dealroom → described the financing as a milestone for the company's development strategy. Bull Life Sciences executive chairman and CEO Danny Stapleton said the firm remains committed to backing the team.
Read more: EIN Presswire
Image credit: National Institutes of Health (NIH)
