Quinnova Pharmaceuticals, Inc., completed a $17.4m Series B financing round led by Safeguard Scientifics, Inc. (NYSE:SFE), with participation from existing investors Thomas, McNerney & Partners and H.I.G. BioVentures.
Founded in 2005 and based in Newtown, PA, Quinnova is a pharmaceutical company that develops and markets novel topical delivery platforms-based prescription dermatology drugs.
The company will use the proceeds to fund a Phase III clinical trial for an NDA product, expand its sales and marketing capabilities, facilitate the company’s other NDA and medical device clinical trials, and fund research and development initiatives to bring new products to market.
NYSE-listed Safeguard Scientifics, Inc., which led the round, provides growth capital for entrepreneurial and innovative life sciences and technology companies.