Sofinnova has announced their investment in NextCure, a company working on the next generation of immunomedicines designed to fight cancer and other diseases. As part of a joint venture that raised $93 million in series B equity financing, the money will be used to support clinical development of the company’s two primary drug candidates.
XyloCor Therapeutics is another recent recipient of Sofinnova support. In a press release, the company announced a Sofinnova/LSP-led campaign to raise $17 million in series A financing for the development of gene therapy support for cardiovascular disease.
“We are grateful for the support and confidence who bring highly valued contributions to XyloCor beyond the financial resources,” Al Gianchetti, President and Chief Executive Officer of the company, said in a December statement. “Sofinnova and LSP are leaders in helping companies bring innovative therapeutics to patients who need them.”
Sofinnova was founded in 1974 and focuses on financial investments in the biopharmaceutical sector. They partner with companies involved in late-stage preclinical development and work with them to bring their products to market. The company currently holds approximately $1.7 billion under management as of December 2017 and is led by its three General Partners James Healy, Mike Powell and Anand Mehra.
James Healy is a General Partner at Sofinnova and focuses on funding clinical stage private and publicly traded biopharmaceutical companies. His prior work with Bayers and Sanderling won him the IBF Risk Innovator Award and named him one of the industry’s top Life Sciences investors by Forbe’s Magazine in 2013.
Mike Powell joined Sofinnova in 1997 as a General Partner. Powell specializes in clinical-stage product companies with an emphasis on oncology and neurology. In addition to his work in the industry, he has advised several charitable organizations including the Bill and Melinda Gates Foundation and One World Health.
Anand Mehra joined the company in 2007 was promoted to General Partner in 2014. Mehra concentrates on helping entrepreneurs build drug development companies that can help improve patient lives. Before joining Sofinnova, he worked in the venture community at JP Morgan and served as a firefighter with the Seminole Trail Fire department.