Pharmaceutical company Qnovia has raised $17 million in series A funding.
Qnovia specializes in creating inhaled therapeutics used to treat nicotine addiction and cardiopulmonary diseases. The company plans to use the funding to advance its nicotine replacement therapy drug through FDA trials and begin human trials in 2023, according to the Sept. 28 Qnovia news release.
The funding round was led by Blue Ledge Capital.
"This series A closing represents a major milestone for Qnovia as we seek to develop an initial proof of concept for our platform in nicotine replacement therapy before expanding into additional therapeutic indications," Qnovia CEO Brian Quigley said. "Once the FDA approves our investigational new drug application, we plan to initiate a phase one study for nicotine replacement therapy in 2023. As we pursue nicotine replacement authorization, we aim to identify significant expansion indications to pursue both alone and with partnerships."