NorthSea Therapeutics completes US$80m Series C financing

The new investor Hercules Capital, Inc. and existing investors Forbion Ventures, venBio, Novo Seeds, Sofinnova, BGV and New Science Ventures also joined the Series C round. The proceeds will be used to advance development of the company’s clinical pipeline of Structural Engineered Fatty Acids (SEFA) in NASH and other metabolic or fibrotic disorders.

Its lead product icosabutate is in Phase IIb testing in NASH, and showed a rapid and significant reduction of biomarkers in liver injury, inflammation, and fibrosis in biopsy-confirmed NASH patients. In addition, treatment with icosabutate showed a favourable safety profile and improvements in atherogeniclipids and glycemic control. Preparations for entering Phase III will begin next year, in anticipation of top-line results in Q1-2023. SEFA-1024, is Phase I safety testing for dyslipidemia. SEFA-6179 will enter Phase I trials this month for the orphan indication Intestinal Failure-Associated Liver Disease (IFALD).