U.S. NapaJen Pharma raises $12.4 mln in Series C round led by Japan's INCJ

U.S. biotherapeutics company NapaJen Pharma Inc. has raised $12.4 million in a Series C financing round.

Existing backer Innovation Network Corporation of Japan (INCJ) led the round with participation from Mitsui & Co. Global Investment and a new investor P&D Directions Inc.

NapaJen Pharma intends to use the funds to wrap up the Phase 1 clinical development of NJA-730 that begun in the autumn of 2018 in Australia.

In addition, the company will also use the funds to arrange for further development. The outcome of Phase 1 clinical trials of NJA-730 is expected to lend evidence of its efficiency and advance new modality of oligonucleotide-based therapeutics.