Nuvoair attracts backing from Hikma to expand decentralized trials business
Nuvoair has raised $11m to fund development of its “patient-centric” care and clinical trials platform.
The fundraising – an extension of the Series A fundraising round initiated last June – saw UK-headquartered pharmaceutical company Hikma join Nuvoair’s list of backers. In all the firm has raised $25 million.
Boston, Massachusetts and Stockholm, Sweden-based Nuvoair describes itself as a “digital healthcare” company that focuses on chronic disease management and decentralized clinical trials.
The firm’s approach is to combine data from digital devices – likes the recently launched Aos inhaler sensor - with information from home care specialists to “proactively manage chronic conditions” including asthma, cystic fibrosis and COPD.
Data presented at the American Thoracic Society’s international conference last year indicate that asthma is able to produce high-quality lung function test results when using the Nuvoair Home platform.
The data also illustrated that patients showed high adherence to home monitoring using the platform with impressive levels of satisfaction reported.
Decentralized trials
The same digital technology and patient-centric approach underpins Nuvoair’s decentralized clinical trial offering, which the firm claims has already been used in some 30 studies around the world.
Nuvoair said it would use the financing to expand its platform and team, accelerate the launch of its clinical services with risk-bearing providers and health plans, and launch new clinical trial partnerships.
Lana Ghanem, Managing Director of Hikma Ventures, cited both Nuvoair’s focus on respiratory disease, clinical trial platform and data infrastructure.
“We are looking forward to working closely with our co-investors and the Nuvoair team to help advance the platform and expand its reach, especially in territories strategically relevant for Hikma.”
Hikma’s co-investors in Nuvoair include venture capital organizations AlbionVC, a tech and KAYA, a group called the Amino Collective – which all took part in the initial part of the series A round – and existing backers Spiltan, Industrifonden and Novartis Pharma AG.