Pittsburgh, July 29, 2022 — UPMC Enterprises, the innovation, venture capital, and commercialization arm of top healthcare system UPMC, sponsored the USD 40 million Series A funding for Novasenta Inc., a new biotechnology firm focused on the discovery and validation of novel targets to create cancer medicines.
The money will enable Novasenta to develop its computational tools for target identification and enhance its pipeline of antibody-based therapies, all while retaining outstanding staff.
Chief executive of Novasenta and seasoned biotechnology executive Mani Mohindru, Ph.D.
“With our sizeable Series A funding, Novasenta anticipates putting at least one of our three shortlisted programs into practice by 2024, which has the potential to revolutionize how solid tumor patients are treated.
Our cooperation with UPMC and UPMC Enterprises is only one of many benefits driving the expansion of Novasenta, especially in these difficult times. As we work to bring life-saving treatments to market, our distinctive target discovery and validation technology, accessibility to patient tumor samples, and the experience of our founders are crucial advantages.”
She mentioned that over the previous 12 months, the company had increased the size of its senior management team by bringing in executives with a track record of success in the drug development industry.
Co-founder Ferris:
“Checkpoint inhibitors and CAR T-cell treatments, among other immunotherapies, have changed cancer treatment and enhanced patient outcomes. Unfortunately, only a small portion of patients benefit from these cutting-edge treatments, leaving a significant unmet need for efficient therapy. Novasenta aims to meet that need by utilizing our team’s exceptional capacity to comprehend the intricate relationships between various tumor types and the immune system. By doing so, Novasenta will offer hope to patients who are present without effective treatment options or for whom existing immunotherapies have failed.”
Jeanne Cunicelli, president of UPMC Enterprises:
“We’re excited to continue our strong support for Novasenta, whose programs promise to create the next generation of new immuno-oncology therapy candidates that have the potential to completely change the lives of cancer patients,”
More about the company:
Checkpoint inhibitors and CAR T-cell treatments, among other immunotherapies, have changed cancer treatment and enhanced patient outcomes. Unfortunately, only a small portion of patients benefit from these cutting-edge treatments, leaving a significant unmet need for efficient therapy.
Novasenta aims to meet that need by utilizing our team’s exceptional capacity to comprehend the intricate relationships between various tumor types and the immune system. By doing so, Novasenta will offer hope to patients who are present without effective treatment options or for whom existing immunotherapies have failed.
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