Qnovia, Inc. Raises $16 Million in Series B Financing to Advance Lead Asset RespiRx™ Nicotine Inhaler as a Prescription Smoking Cessation Therapy

- Company has raised $50 million since its inception - 

 - Funds will advance RespiRx^™ Nicotine Inhaler to Marketing Authorization Application (MAA) submission and accelerate the path to commercialization in the UK -

RICHMOND, Va., Dec. 10, 2024 /PRNewswire/ -- Qnovia, Inc., a pharmaceutical company who recently announced the clearance of its Investigational New Drug (IND) application by the U.S. Food and Drug Administration (FDA) for the RespiRx^™ Nicotine Inhaler (QN-01), a prescription inhaled smoking cessation medicine, today announced it has raised $16 million in Series B funding. The financing was led by Blue Ledge Capital, Evolution VC Partners, Vice Ventures and Gaingels.

"This Series B financing marks a meaningful milestone for Qnovia as it provides validation for our RespiRx^™ proprietary platform, our progress in the regulatory process and the potential for our inhaled drug delivery platform to improve patient outcomes. We are grateful for the partnership with our investors who are committed to our vision of advancing the development of inhaled therapeutics for areas of high unmet need, starting with our focus on bringing innovation to medicines to support smoking cessation," said Brian Quigley, Chief Executive Officer of Qnovia, Inc. "Our recent infusion of capital will advance QN-01 beyond our Phase 1 clinical trial in the U.S. and support an MAA submission to the MHRA in 2026. We believe that the data we have generated for QN-01, which includes our positive first in-human clinical data and our non-clinical findings significantly derisks our clinical development plan and accelerates commercial validation to support our MAA submission for an expedited path to revenue generation in the UK. Overall, this financing brings us one step closer to our vision of transforming the treatment paradigm for smoking cessation for a population who has not had access to any new treatment options in several decades."

Since its inception, Qnovia has raised $50 million to advance its proprietary inhaled drug delivery platform, the RespiRx^™. Qnovia will use the proceeds from the recent financing to support the clinical, regulatory, and commercial development of its lead asset, RespiRx^™ Nicotine Inhaler (QN-01) in the UK. QN-01 has demonstrated clinical proof-of-concept in a first-in-human, Phase 1 study and received FDA clearance of its Investigational New Drug (IND) application. In addition, the company will use the Series B funds to evaluate the feasibility of additional therapeutic indications in their pipeline.

"We are impressed by Qnovia's agility and speed in navigating the complex regulatory framework for the development of novel smoking cessation therapies," said Andy Roche, Founder and Managing Partner at Blue Ledge Capital. "We are confident that their groundbreaking platform will revolutionize smoking cessation as well as drug delivery broadly as a result of its dose-to-dose consistency and favorable pharmacokinetic profile. We are honored to share that journey with the Qnovia team."

About Qnovia, Inc.

Qnovia, Inc. is a pharma company focused on developing and commercializing proprietary inhalation device technologies to improve patient outcomes. The company's drug delivery platform, the RespiRx^™, is the first orientation-agnostic, portable vibrating mesh nebulizer that effectively operates in any position held by the patient. Qnovia sees significant opportunity to utilize its drug delivery technologies to improve the treatment of Asthma, COPD, Vaccine Delivery, Pain Management, and several generic as well as select investigational new drugs. The company was founded by Mario Danek in 2018 to build cutting-edge drug delivery platforms that improve patient outcomes through superior device technologies. The company's website can be found at www.qnovia.com.

SOURCE Qnovia, Inc.