Novadiscovery (Nova), a leading healthcare technology company based in Lyon, France, announced Tuesday (16/2) that it has raised €2.5 million (US$3.0 million) in a Series A2 financing round from Sanofi, a multinational pharmaceutical company that based in Paris.
The Series A2 financing is additional capital after Nova previously received a Series A financing round worth €5 million (US$6.0 million) from the pharmaceutical company Debiopharm from Lausanne, Switzerland, in the second week of January.
The company’s management explained that the funds it had just obtained would be used to advance the Jinko clinical trial simulation platform it is currently developing. Jinko is a platform that functions to predict drug efficacy and optimize clinical trial development.
The funds will also be used to facilitate the company’s expansion into the United States and develop a COVID-19 disease model in collaboration with Sanofi. Disease modeling and clinical trial simulations are increasingly being used in pharmaceutical development and decision-making efforts.
Effective COVID-19 disease models can be of immense benefit as society strives to cope with new strains and virus mutations, the complexity of the pathophysiology of infection, and the uncertainty surrounding changes in vaccination administration schedules.
Jinko’s workflow is designed to closely resemble real-life clinical studies and offers an integrated suite of applications from discovery to market access. “Jinko’s technology has the potential to eliminate delays in providing care for patients,” said Oliver Bogillot, President of Sanofi France.
The financing agreement with Nova is also part of Sanofi’s efforts to combat the COVID-19 pandemic. François-Henri Boissel, CEO of Nova, said Sanofi is a global leader in the pharmaceutical sector and is at the forefront of digital health care innovation.
Boissel added that this strategic investment reflects the strength of Nova’s Jinko clinical trial simulation technology. “We look forward to working with Sanofi to further test and increase Jinko’s strength.”
Nova is considered to have headed the right path because the global clinical trial market is believed to be growing rapidly. According to Delloite data, the global clinical trial market in 2022 is expected to grow by US$2.88 billion, although still a fraction of the US$165 billion spent on annual drug research and development.