NEW YORK, Oct. 28, 2019 /PRNewswire/ -- Nuvation Bio, Inc., a stealth biotechnology company developing proprietary therapies focused on oncology, announces the closing of $275 million in an oversubscribed Series A financing. The round was led, structured and syndicated by Omega Funds and included participation from leading biotechnology investors including Aisling Capital, Altitude Life Science Ventures, The Baupost Group, Boxer Capital of the Tavistock Group, EDBI (global Asian-based Investor), ECOR1 Capital, Fidelity Management and Research Company, Pavilion Capital, Perceptive Advisors, Redmile Group, Surveyor Capital (a Citadel Company) and other institutional investors.
The Series A financing will enable Nuvation Bio to expand its development activities and advance a number of its oncology programs.
Nuvation Bio was founded by industry veteran David Hung, M.D., who previously founded and served as President and Chief Executive Officer of Medivation, Inc., which was subsequently sold to Pfizer, Inc. for $14.3 billion in 2016.
"My vision for Nuvation Bio is to provide patients with dramatic medical advancements that address their unmet needs across a wide range of oncology applications," said David Hung, M.D., Founder, President and Chief Executive Officer of Nuvation Bio. "I am extremely proud of what we accomplished at Medivation, developing in just seven years what is now the world's largest prostate cancer drug. However, I believe we could have done so much more had we had more time. With seven mechanistically distinct programs at Nuvation Bio, along with the strong support of Omega Funds and a formidable syndicate of investors, we are well-positioned to expand upon the mission we started at Medivation. My team and I are extremely excited to develop even more game-changing therapies for the foremost unmet needs in oncology."
The Nuvation executive team is comprised of former senior leaders at Medivation including Michele D. Bronson, Ph.D., Melanie Morrison, and Thomas Templeman, Ph.D., who will serve as Nuvation's Chief Development Officer, Vice President of Clinical Operations and Data Management and Senior Vice President of Pharmaceutical Operations and Quality, respectively. They are joined by new senior leaders including Chief Scientific Officer, Gary Hattersley, Ph.D., Chief Medical Officer, Sergey Yurasov, M.D., Ph.D., and Senior Vice President of Human Resources, Stacy Markel.
"The whole Omega Funds' team has been thrilled to partner with David on the launch and Series A syndication of Nuvation Bio and thanks to deal leads Richard Lim and Michelle Doig for their efforts executing this transaction," said Otello Stampacchia, Ph.D., Founder and Managing Director of Omega Funds. "The breadth and depth of Nuvation Bio's innovative pipeline demands a large initial investment. By syndicating one of the largest-ever Series A biotech financings, David and his exceptional team are well-positioned to advance Nuvation Bio's deep portfolio of therapies focused on dramatically improving the standard of care for those living with cancer," Stampacchia continued.
Joining Founder David Hung, M.D., on Nuvation Bio's Board of Directors are Michelle Doig, Richard Lim and Otello Stampacchia of Omega Funds, as well as former Medivation directors Tony Vernon and Kim Blickenstaff.
About Omega Funds
Founded in 2004, Omega Funds is a leading international investment firm that creates and invests in life sciences companies that address our world's most urgent medical needs. Having raised more than $1 billion since its inception, Omega specializes in identifying and powering companies through value inflection points across the full arc of innovation, from company formation through clinical milestones and commercial adoption. Omega Funds' portfolio companies have brought 37 products to market in multiple therapeutic areas, including oncology, rare diseases, precision medicine and others. Please see the website at www.omegafunds.net for additional information.
About Nuvation Bio
Nuvation Bio is a privately-held biopharmaceutical company currently operating in stealth mode that is focused on the development of next generation therapies that will target the foremost unmet needs in oncology. Nuvation Bio's proprietary portfolio includes seven novel and mechanistically distinct oncology programs, each with multiple drug development candidates. Nuvation Bio was founded in 2018 by industry veteran David Hung, M.D., who previously founded and served as President and Chief Executive Officer of Medivation. Nuvation Bio has offices in New York and San Francisco. For more information, please visit us at www.nuvationbio.com