VisionTech Angels, among the Midwest’s most active angel investing networks, has invested $196,500 in NuvOx Therapeutics, Inc. (NuvOx), with 27 individual members participating in a bridge round following a $10.4 million Series A. NuvOx has also succeeded in attracting $14 million in non-dilutive funding from the National Institutes of Health, U.S. Department of Defense and other government funders. NuvOx is VisionTech Angels’ 65th portfolio company.
Headquartered in Tucson, Arizona, NuvOx is a clinical stage biotechnology company developing a first-in-class oxygen therapeutic to treat life-threatening diseases where hypoxia, a condition in which there is a decrease in the oxygen supply to a tissue, plays a role. The company’s lead drug candidate, NanO2TM , represents a disruptive platform technology addressing multiple high unmet needs, and demonstrates great progress in improving the flow of oxygen from lungs to blood and from blood to tissue, which can amplify the effectiveness of treatment. Over 30 animal studies have shown therapeutic effect in seven different indications. Positive clinical efficacy is demonstrated in two completed Phase Ib/IIa studies: glioblastoma multiforme (brain cancer) as a radiosensitizer and stroke as a neuroprotectant. NuvOx has commenced its Phase IIb glioblastoma multiforme trial in United States and is preparing for two additional clinical trials in late 2023.
VisionTech Angels’ Executive Director Ben Pidgeon says the group’s investors are impressed by NuvOx’s potential as well as the track record of company co-founder and CEO, Evan Unger, MD. “Investing in biotech companies is a long game for investors because of time needed for development and clearing regulatory hurdles. NuvOx is well-positioned. They are addressing a massive market with an unmet need with a drug that has been substantially de-risked, has strong patent protection and a clear pathway to commercialization.”
Adds Pidgeon, “We also have great confidence in Dr. Unger, his leadership team and advisory board. He has an impressive background in the startup world and in medicine. He’s founded four biotech companies, successfully exiting two. His first company, ImaRx Pharmaceutical, developed three FDA-approved drugs and was acquired by DuPont, yielding a 20X return on investment. His second company, ImaRx Therapeutics, went public, and NuvOx, shows great promise. Dr. Unger is an inventor on more than 120 U.S. patents, a board-certified radiologist and Professor Emeritus of Medical Imaging at the University of Arizona.”
