Nuveta, Inc., a privately held medical device company and global leader in basic in vitro fertilization (IVF) research, announced today that it has closed a Series A seed financing round, solely funded by Vivo Ventures. The Company plans to use the proceeds from this $800,000 financing to complete proof-of-principle studies on its lead program, designed to improve the culture media used during the IVF process.
“Vivo Ventures has provided the seed money necessary for Nuveta to complete proof-of-principle studies examining the potential utility of a naturally occurring protein in the in vitro fertilization process,” said George Tidmarsh, M.D., Ph.D., Nuveta’s founder and chief executive officer. “We believe that research in this growing market is vital, and there are few organizations exploring new methods to advance today’s IVF culture conditions. By exploring key scientific questions involved in the IVF process, we have the potential to enhance the competency as well as the overall quality and viability of embryos. Ultimately, these advances could result in increased pregnancy success rates while potentially reducing the demand for multiple embryo transfers, along with the risks and expenses involved with the resulting multiple births.”
While organizations are conducting research in the IVF field, few are addressing fundamental questions that may ultimately improve clinical outcomes. As a result, Nuveta’s IVF research has limited competition, and is coupled with near-term milestones and a potential 510(k) filing as early as 2011. IVF culture media and supplements are regulated by the US Food and Drug Administration as Class II medical devices, generally allowing for 510(k) clearance as the commercialization pathway.
Dr. Tidmarsh has over 20 years of entrepreneurial and executive experience in biotechnology. He has been involved in numerous successful startups, FDA drug approvals, and IPO’s. Prior to founding Nuveta, Dr. Tidmarsh launched both Horizon Therapeutics (2005) and Threshold Pharmaceuticals (2001), taking Threshold public in 2004 (NASDAQ:THLD) and guiding Horizon to successful completion of its Phase 3 program. Dr. Tidmarsh has also held various positions at Coulter Pharmaceuticals, Inc., SEQUUS, Gilead Sciences and SyStemix, Inc. He received his M.D. and Ph.D. from the Stanford University School of Medicine where he also completed fellowships in Pediatric Oncology and Neonatal Intensive Care. In addition, he has been a clinical staff member at Stanford Children's Hospital and El Camino Hospital. He is an author of over 20 peer-reviewed scientific papers published in leading journals.