CoDa Therapeutics gets investment boost

Russian investment company RusnanoMedInvest (RMI) has invested $24.5 million in CoDa Therapeutics, a Kiwi biotech company.

Published: 25 July 2012
Filed under: Invest

The investment brings CoDa’s Series B funding round – in which all of its current investors participated - to nearly $49 million.

RMI’s investment is accompanied by a license for CoDa’s IP rights in Russia, which CoDa says could accelerate the availability of its drug Nexagon in that country. The finance will be partly used to expand late stage clinical trials of Nexagon as a treatment for diabetic foot ulcers.

CoDa recently initiated a 160-patient phase two diabetic foot ulcer trial in the US and will include clinical sites in Russia in coming months.

“This investment by RMI – which brings the total funds raised by CoDa to over $90 million – is a significant validation of the New Zealand originated science co-invented by Professor Colin Green at the University of Auckland, ”says Bradford J. Duft, co-founder, president and chief executive officer of CoDa Therapeutics.

CoDa has 70% of its staff in New Zealand, including five scientists based at the University of Auckland, where professor Green and his team are also based.

“This round of financing will allow CoDa to continue its global growth plans from New Zealand,” says Andrew Kelly, executive director of BioPacificVentures (BPV), which is helping with the funding.