Italy-based biotech company NanoPhoria Bioscience has announced the initial closing of its Series A funding round, raising €83.5m ($98m).

The round was led by XGEN Venture, Sofinnova Partners and CDP Venture Capital. Panakès Partners and an undisclosed investor also participated.

NanoPhoria will use the funds to advance the development of its lead candidate, NP-MP1, aimed at treating heart failure with reduced ejection fraction (HFrEF). The proceeds will be utilised for investigational new drug (IND)-enabling trials and early clinical development of NP-MP1.

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