Copenhagen, Denmark-based biotech company dedicated to developing novel therapeutic proteins for patients with chronic neuropathic pain and hearing loss, Hoba Therapeutics raised EUR 23 million in Series A. The round took place on December 10, 2023. Indaco Venture Partners and Medical Incubator Japan led the financing for the company. Meanwhile, current investors such as Novo Holdings, Eir Ventures, and the Export and Investment Fund of Denmark (EIFO) provided the investment. In addition, The European Innovation Council Fund, with an investment as part of the Accelerator funding program under Horizon Europe, also joined in the round.

Purpose of financing for Hoba Therapeutics 

With the latest financing, Hoba Therapeutics seeks to advance HB-086 via late pre-clinical development to the completion of Phase 1 clinical studies in patients for painful Chemotherapy-Induced Peripheral Neuropathy (CIPN). 

What the company’s official has to add

Torsten M. Madsen, CEO of Hoba Therapeutics, said, “We are thrilled to close the first round of the Series A. This is an experienced investor syndicate backing Hoba Therapeutics. In addition to the participation of our current investors, we have strengthened the syndicate with the participation of funds from Europe and Japan, along with strong support from The European Innovation Council Fund. This shows the shared perspective on the large unmet need we aim to fill and reflects our focus and commitment to help patients worldwide and we believe that these funds can contribute significantly to achieving our objectives.”

What the investors have to comment

Goncalo Rebelo de Andrade, Partner at Indaco BIO Fund, further said, “Indaco is proud to have led this Series A round, together with Medical Incubator Japan, and we are excited to join Hoba Therapeutics as an investor. At Indaco, we give priority to companies that, like Hoba Therapeutics, are aimed at tackling the underlying causes of disease and are led by high-profile, committed teams. In advancing pioneering pharmaceutical solutions, the leadership team at Hoba Therapeutics exhibits extraordinary expertise and commitment. While focusing firmly on both scientific excellence and patient benefit, they are well-positioned to make a substantial impact in healthcare.”

Camilla Petrycer Hansen, Principal, Seed Investments, Novo Holdings, further added, “As a founding investor, we are excited about the prospects of Hoba Therapeutics. A staggering number of people globally endure the debilitating consequences of chronic pain every day, a vast issue largely neglected by the market due to a dearth of innovation in this field for many years. This unmet need is not only a burden for patients but also imposes significant costs on healthcare systems. Together with Eir Ventures and EIFO, we are delighted to welcome new investors into our syndicate, firmly believing in their substantial contribution to the continued progress of Hoba Therapeutics.”

Also, Dr. Kenji Harada, Investment Officer at Medical Incubator Japan, said, “It’s a great honour for us to take a co-lead position in this round. I firmly believe that Hoba Therapeutics’ programs will yield significant positive impacts on pain management and related therapies. This investment in an outstanding Danish company not only signifies our support but also paves the way for future investments from Japan into Danish and other European biotech companies.”

Meanwhile, Svetoslava Georgieva, Chair of the EIC Fund Board, said, “The EIC Fund has established itself as a strong force in EU deep-tech investments. This unique form of financing via EIC – combining grants and equity – is proving itself highly attractive to Europe’s most promising start-ups. Our investment will provide Hoba Therapeutics with means to help patients suffering from chronic neuropathic pain worldwide.”

About Hoba Therapeutics 

Kenneth Ahrend Petersen 2016 launched the company. Hoba Therapeutics is a Danish biotech developing restorative treatments for chronic pain disorders and hearing loss. 

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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