Belgian regenerative medicine developer Novadip Biosciences has banked €10.4M through a convertible instrument to cover the cost of a pivotal trial.
US-based New Science Ventures led the financing, with a syndicate of existing backers including Fund+, Wallonie Entreprendre, VIVES Fund, ORSA Tech, Sambrinvest, Noshaq and Invest.BW also participating.
The structure matters as much as the size. The convertible closes alongside a tranche of an existing European Investment Bank facility, a financing route European biotechs increasingly use to reach late-stage trials without repeatedly resetting their equity story.
Novadip works in regenerative medicine, a field where clinical work is slow and capital-hungry, and where European companies frequently run out of runway before they can reach the regulatory milestones that attract larger investors.
Pivotal trials are the most expensive stage a small biotech faces. They are also the point at which a company’s valuation stops depending on platform narrative and starts depending on data.
For Novadip’s syndicate, the gamble is a familiar one: fund the last stretch on friendlier terms, keep the cap table intact and hope the readout brings either a partner or a buyer before another raise is needed.
