IpiNovyx Bio Closes on $10 Million Seed Financing Round to Advance Proprietary Platform
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"New York-based IpiNovyx Bio announced the closing of a $10 million seed financing round. The financing was led by Viva BioInnovator (a Viva Biotech division) and included participation from Lilly, Opaleye Management, Orange Grove Bio, and Alexandria Venture Investments. Ipinovyx is developing a platform of best-in-class immunoproteasome modulating therapeutics for the treatment of autoimmune and inflammatory diseases. Proceeds from the financing will support the company’s continued advancement of its lead drug candidates toward first-in-human clinical studies, including submission of the company’s first investigational new drug (IND) application. “Orange Grove Bio is dedicated to partnering with world-class researchers to advance the most promising drug development technologies emerging from leading academic institutions. We believe that IpiNovyx’s scientific founders and their unique approach to developing best-in-class immunoproteasome inhibitors are the ideal fit for this model,” said Marc Appel, co-founder, and chief executive officer of IpiNovyx and chief executive officer of Orange Grove Bio. “This seed funding will enable the company to rapidly ..."