Raleigh-based medical company Novan has secured $1.1 million in grant funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Sept. 20 and financed by U.S. Department of Defense.
According to its Crunchbase profile, "Novan, Inc. develops products that tap the anti-bacterial properties of nitric oxide by encapsulating the compound in nano-particles that deliver therapeutic agents to desired body location. The company was incorporated in 2006 and is based in Research Triangle Park, North Carolina."
The 12-year-old company has raised nine previous funding rounds, including a $25 million post IPO equity round earlier this year.
The round brings total funding raised by Raleigh companies in biotechnology over the past month to $1.4 million. The local biotechnology industry has produced 13 funding rounds over the past year, securing a total of $107 million in venture funding.
In other local funding news, pharmaceutical company Arrevus announced a $250,000 debt financing funding round on Oct. 16, financed by North Carolina Biotechnology Center.
According to Crunchbase, "Although there is a clear increase in bacteria “resistant” to standard therapies in a “test tube”, the real importance of resistance is when it becomes a clinical problem because of decreased effectiveness to treat serious life-threatening disease in patients by affecting clinical outcomes, such as mortality, decreased function and decreased quality of life for patients."
The company also raised a $1 million round in 2017.