Singapore-based biotech firm Nuevocor raises US$45 million in Series B round
[SINGAPORE] Biotechnology company Nuevocor announced on Wednesday (May 7) that it completed a US$45 million Series B funding round from new and existing investors.
This includes 'significant participation' from current investors such as Temasek-linked life sciences builder ClavystBio and EDB Investments, the investment platform of the Singapore Economic Development Board (EDB).
The round was co-led by healthcare-focused investor Kurma Partners and biotech venture capital firm Angelini Ventures. Other existing investors that participated in the round include the Germany-based Boehringer Ingelheim Venture Fund, private investment firm Highlight Capital and Singapore's Seeds Capital.
Nuevocor focuses on developing cures for heart muscle diseases.
The new investment will support first-in-human clinical trials for Nuevocor's NVC-001, a form of gene therapy, in the US and Europe. NVC-001 aims to treat patients with a form of genetic cardiovascular disease that leads to the weakening and enlargement of the heart muscle, eventually resulting in heart failure.
The company will also use the funds to establish an office in Paris, France, to support clinical development.
Dr Tan Yann Chong, chief executive and co-founder of Nuevocor, said: 'The continued strong support from insiders and the addition of new investors will enable Nuevocor to continue its strong momentum and advance NVC-001 into the clinic.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
6 hours ago
- Straits Times
Novo's Ozempic linked to rare cases of serious eye disorder, EU regulator says
Studies in type-2 diabetes patients have linked Ozempic to the condition called non-arteritic anterior ischemic optic neuropathy. PHOTO: REUTERS Novo's Ozempic linked to rare cases of serious eye disorder, EU regulator says Novo Nordisk's popular weight-loss and diabetes drugs Wegovy and Ozempic may in very rare cases cause a serious eye condition that can lead to vision loss, the European Medicines Agency's (EMA) safety committee said on June 6 . In the past, studies in type-2 diabetes patients have linked Ozempic to the condition called non-arteritic anterior ischemic optic neuropathy (Naion). This is the first time a regulator has confirmed the side effect. The condition may affect up to 1 in 10,000 people taking semaglutide, the active ingredient in Wegovy and Ozempic as well as in Novo's other diabetes drug Rybelsus, for at least one year, the regulator said. Naion is the second-most common cause of blindness due to optic nerve damage, after glaucoma. 'This has been reported as a potential risk for some time, so I think the clinical community is relatively aware of it. I don't see this as making any major difference to prescribing patterns,' said Barclays analyst Emily Field. US-listed shares of the Danish drugmaker were up nearly 2.5 per cent in early trading. The EMA, which started its review in December, has asked Novo to add Naion as a side effect of very rare frequency in the product information accompanying drugs that contain semaglutide. Novo said it would work with the EMA to update the labels, adding clinical trials and after-market studies did not suggest a reasonable possibility that the drugs caused the condition. The 'benefit-risk profile of semaglutide remains favourable', the company said in a statement. Novo has recently faced investor concerns that it is losing its first-mover advantage in the highly competitive obesity treatment market, leading the company to oust chief executive Lars Fruergaard Jorgensen in May. Wegovy and Eli Lilly's Zepbound currently dominate the weight-loss drug market, potentially worth about US$150 billion (S$193 billion) by the next decade. The EMA said several large studies in type-2 diabetes patients have suggested that use of Novo's drugs could raise the risk of developing Naion by twofold. A study of nearly 350,000 diabetes patients published in March showed that the risk of developing Naion more than doubled after two years of treatment with Ozempic, compared with patients taking medicines from other classes. The US Department of Health and Human Services did not immediately respond to a Reuters request for comment on whether the Food and Drug Administration was conducting a probe into the side effect. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
7 hours ago
- Straits Times
China vice-premier He Lifeng to meet US delegation for trade talks in London
Chinese Vice Premier He Lifeng will visit the United Kingdom from June 8 to 13 at the invitation of the British government. PHOTO: REUTERS China vice-premier He Lifeng to meet US delegation for trade talks in London Beijing - Chinese Vice-Premier He Lifeng will meet a US delegation for talks next week in Britain, Beijing announced on June 7 amid a fragile truce in the trade dispute between the two powers. He will visit the United Kingdom from June 8 to 13 at the invitation of the British government, China's foreign ministry said in a statement. It said Mr He and American representatives will co-chair the first meeting of the China-US economic and trade consultation mechanism. US President Donald Trump had already announced on June 6 that a new round of trade talks with China would kick off in London beginning June 9, after he spoke by phone with Chinese counterpart Xi Jinping in a bid to end a bitter battle over tariffs. Mr Trump posted on his Truth Social platform that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer would meet the Chinese team. The discussions will mark the second round of such negotiations between the world's two biggest economies since Mr Trump launched his trade war shortly after returning to the White House in January. A first meeting, held in mid-May in Geneva, brought a pause to the US-China trade dispute. But Mr Trump then accused Beijing of not respecting the terms of the de-escalation agreement. On June 5 the Republican president finally discussed the issues with Mr Xi for the first time since the trade tensions soared, assuring that the conversation had been positive. Mr Xi for his part told Mr Trump the two should 'correct the course' of bilateral relations, according to remarks quoted by official Chinese media. AFP Join ST's Telegram channel and get the latest breaking news delivered to you.
Independent Singapore
19 hours ago
- Independent Singapore
From bromance to blow-up: Trump and Musk's bitter spat
The most ballyhooed bromance on earth blew up in spectacular fashion on Thursday when the world's most powerful leader traded barbs online with the world's richest man. In the middle of a meeting with the German chancellor, US President Donald Trump posted that he was 'disappointed in Elon', stung by the tech tycoon's unrelenting criticism of his 'big, beautiful bill'. The spat between these high-profile bromates lit up the internet, with live-blogging websites offering tweet-by-tweet updates, and others speculating—sometimes behind paywalls—on whether the erstwhile bosom buddies had become bitter enemies. Only the most incorrigible punters would dare wager whether the rift is permanent or passing. Given their mercurial temperaments, today's feud could easily become tomorrow's flirtation. Supporters of strong governance may, nevertheless, be relieved. The world's most powerful leader is still more potent than its richest man—at least for now. Musk blinked first. Musk indicated on X he is ready to relent, but the White House has turned a cold shoulder. The president reportedly continues to criticise the Tesla, X and SpaceX boss in private. Costly spat The spat could prove costly for both men. While Trump and his political action committees may not receive the $100 million or more reportedly pledged by Musk, the tycoon risks losing billions. Trump has threatened to cancel his government contracts, posting: 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it.' The rift widened after Musk lambasted Trump's signature tax-and-spending bill, calling it a 'disgusting abomination' sure to wreck the nation's finances. To add insult to injury, he claimed Trump wouldn't have won the election without his support. Trump said he was 'very disappointed in Musk,' accused him of turning 'hostile' after being turfed out of government, and charged that the billionaire was meddling in politics to further his business interests. Musk, who spent over $250 million supporting Trump's re-election bid last year and once declared, 'I love @realDonaldTrump as much as a straight man can love another man,' hit back hard. He called for Trump's impeachment and replacement by Vice President JD Vance and warned that the president's tariffs could trigger a US recession. See also Hillary Clinton urges Biden not to concede in close election He also insinuated that Trump's name appeared in sealed files relating to the late sex offender Jeffrey Epstein. Still, Musk eventually toned down his rhetoric. After threatening to decommission his Dragon spacecraft, which NASA uses to transport astronauts, he responded to a netizen urging calm with: 'Good advice… Ok, we won't decommission Dragon.' His conciliatory tone, however, received no response from the White House. Trump may struggle to find alternatives if he scraps contracts with Musk's companies. SpaceX remains the only US firm transporting astronauts to and from space. Several government agencies also depend on its Falcon rockets, in-orbit vehicles, and the Starlink network—more than 7,500 internet satellites, which Ukraine has used in its war against Russia. Media pundits are almost unanimous in concluding that the bromance was doomed from the start—doomed by two towering egos unwilling to share the spotlight. Ideological divide? But Guardian columnist Jonathan Freedland sees more than just a personality clash. He believes there is also an ideological divide. See also Trump and Biden outline competing visions for US economy Musk's opposition to Trump's 'big, beautiful bill' may be linked to its failure to extend tax credits for electric vehicles—a provision that might have boosted Tesla's sagging sales. Publicly, however, Musk has criticised the bill on fiscal grounds, warning that it will deepen the already gargantuan US deficit. In doing so, he has recast himself as a champion of traditional, deficit-conscious Republicans. Freedland notes a growing divide on the American right: between old-school conservatives who worry about fiscal responsibility, and nationalists like Trump's former strategist Steve Bannon, who support tariffs and oppose global immigration. Musk, by contrast, has argued against tariffs and in favour of keeping the US open to highly skilled, tech-savvy immigrants. He has even called for the formation of a new political party. No wonder the bromance has broken down. But then again, politics makes strange bedfellows—and anything's possible. Featured image by Depositphotos (for illustration purposes only)
