VisionTech invests in Arizona biotech company
Indianapolis-based VisionTech Angels has invested nearly $200,000 in NuvOx Pharma, a clinical stage biotechnology company in Tuscon, Arizona. NuvOx is developing what it calls a first-in-class oxygen therapeutic to treat life-threatening diseases.
VisionTech says the company’s leading drug candidate, NanO2, is used to treat diseases where hypoxia plays a role. Hypoxia is a condition where there is a decrease in oxygen supply to a tissue.
NuvOx has completed two Phase II studies for its drug as a radiosensitizer for brain cancer by making tumor cells easier to kill with radiation, as well as a neuroprotectant for stroke victims.
NuvOx has begun another Phase II trial for brain cancer in the U.S. and is preparing for two more clinical trials later this year.
VisionTech’s investment includes 27 individual members participating in a bridge round of funding. The company has already closed on a $10.4 million Series A round in addition to attracting $14 million in funding from the National Institutes of Health, U.S. Department of Defense and other government funders.
Ben Pidgeon, executive director of VisionTech Angels, said the investors were impressed by the company’s potential.
“Investing in biotech companies is a long game for investors because of time needed for development and clearing regulatory hurdles. NuvOx is well-positioned,” Pidgeon said. “They are addressing a massive market with an unmet need with a drug that has been substantially de-risked, has strong patent protection and a clear pathway to commercialization.”
Pidgeon said the investors were also impressed by NuvOx’s CEO, Dr. Evan Unger, who previously served as CEO of ImaRx Pharmaceutical, which was acquired by DuPont in 1999 for $95 million and developed three FDA-approved drugs.
With the investment, NuvOx becomes VisionTech’s 65th porftolio company. VisionTech has invested more than $50 million in capital since its founding in 2009.