NovoBind closes Series A, attracts key partners for the next stage of growth
February 19, 2020
NovoBind Livestock Therapeutics Inc. (“NovoBind”), the Vancouver-headquartered animal health biologics business is pleased to announce the successful close of an oversubscribed Series A investment round (“Series A”) with a wide range of strategic and financial investors.
NovoBind uses a proven platform to develop precision biologics* to protect livestock against commercially devastating pathogenic bacteria, viruses, and parasites. Currently, NovoBind is tackling a list of pathogens that cause an aggregate annual loss of USD $22 billion to poultry, shrimp, and companion animal sectors.
In June 2019 NovoBind announced a Joint Development and Commercialization Agreement for Advanced Salmonella Biologics with Lallemand Animal Nutrition (“Lallemand”) as well as the subscription by Lallemand of equity in NovoBind as part of NovoBind’s planned Series A.
In addition to Lallemand, several other strategic investors participated in the Series A including Natural Products Canada and the Center for Aquaculture Technologies (a Cuna Del Mar company). Specialist financial investors included Seventure Partners, Mindset Venture Group, Lightheart Management Partners and Carpere Ventures. This financing was additionally supported by returning investors from NovoBind’s prior seed round.
“We’re honored to have such a solid foundation of quality strategic and financial investors to guide and support us through this exciting period,” commented Hamlet Abnousi, co-founder and CEO of NovoBind. “We have always sought to utilize an engaged investor base to assist in the execution of our bold scientific and commercial ambitions.”
NovoBind’s ambitions center around a novel approach to the sector. Both consumer sentiment and regulatory bodies are forcing a transformational shift away from the use of antibiotics and other antimicrobial chemicals used to control pathogens in food production. In response, NovoBind biologics are being developed for inclusion in standard feed for terrestrial and aquaculture applications which will provide efficacious and economical alternative controls.
“We are very grateful for the generous contributions of time, guidance, and money that have helped us build our company to what it is today,” commented Abnousi. “We continue to seek key strategic partners as we strive to deploy our proprietary technology to address pressing global challenges in new sectors.”
NovoBind acknowledges the advice and support from a range of other national and local organizations, including the National Research Council-Industrial Research Assistance Program, Investment Agriculture Foundation of BC, BioEnterprise, ECO Canada, Genome BC, Innovate BC, Natural Sciences and Engineering Research Council of Canada, BioTalent Canada, Life Sciences BC, VANTEC Angel Network, and others.
*Single domain llama antibodies, VHH, VNAR, Nanobody (trademark by Ablynx)