"With a focus on autoimmune and inflammatory diseases, IpiNovyx Bio closed a $10 million seed financing round today, the company announced in a statement.
The financing, led by Viva BioInnovator of Viva Biotech, also had participants such as Eli Lilly and the New York-based IpiNovyx founder Orange Grove Bio. Funds raised will go toward advancing so-called immunoproteasome inhibitors into human trials.
“Patients suffering from autoimmune and inflammatory diseases are faced with limited treatment options and most therapies that are available are non-selective and carry significant toxicity concerns. We are eager to continue our research in this area and work to advance these best-in-class immunoproteasome inhibitors into human clinical trials,” said Carl Nathan, a Cornell immunologist and one of the scientific founders at IpiNovyx.
“This seed funding will enable the company to rapidly progress through preclinical studies and into the clinic with the goal of delivering life changing therapies to patients suffering from autoimmune and inflammatory diseases,” said Marc Appel, co-founder and CEO of both IpiNovyx and Orange Grove Bio, in a statement."