NOVADIP Biosciences has secured €10.4 million ($11.98 million) in convertible financing to push its experimental bone regeneration treatment through a pivotal clinical trial, the Belgian company announced September 21. New Science Ventures led the round, joined by a clutch of regional investors including Fund+, Wallonie Entreprendre, and VIVES Fund, along with ORSA Tech, Sambrinvest, Noshaq, and Invest.BW.
The company, which spun out of Université catholique de Louvain in 2013, declined to share valuation or conversion terms. Combined with a €9.6 million convertible loan closed in 2025, NOVADIP has now pulled in €20 million in convertible debt since June 2025.
Crossing the €10.4 million threshold does more than pad the balance sheet. It triggers release of the final tranche from an €18 million venture-debt facility NOVADIP negotiated with the European Investment Bank in 2023, backed by the InvestEU program. That matters because the Mont-Saint-Guibert-based firm needs capital to finish what it started: a Phase 3 study of NVD003, a cell-based therapy for congenital pseudarthrosis of the tibia, a devastating pediatric bone disorder.
CPT causes spontaneous fractures in children's lower legs that simply refuse to knit back together. Left untreated, the condition often ends in amputation. NOVADIP's approach involves harvesting a patient's own cells, culturing them, then reimplanting the engineered tissue to coax damaged bone into healing.
The company enrolled its first pediatric patients in mid-December, according to earlier announcements, with surgeons at sites in Belgium and Phoenix Children's Hospital implanting the therapy in February and March. NOVADIP is targeting U.S. market authorization by 2028, though timelines in regenerative medicine have a habit of stretching.
Pilot Results and Regulatory Tailwinds
A smaller pilot trial treating 17 patients, nine adults with bone non-union and eight children with CPT, reported an 88% healing rate at 12 months. When surgeons achieved what the company called "mechanical stability" during the procedure, that figure hit 100%, NOVADIP said in a January release. Prof. Pierre-Louis Docquier, the trial's European principal investigator, described CPT fractures in a January 31 statement as "among the most difficult to treat."
The therapy has collected a string of FDA designations: Regenerative Medicine Advanced Therapy status last June, plus earlier Rare Pediatric Disease, Orphan Drug, and Fast Track tags awarded between 2020 and 2023. That Rare Pediatric Disease label carries potential financial upside beyond patient benefit. If NVD003 wins approval, NOVADIP could claim a priority review voucher, a tradable FDA instrument that has fetched north of $100 million in secondary-market deals.
"This financing provides the resources to advance NVD003 through several major clinical and regulatory milestones," CEO and founder Denis Dufrane said in a statement. He added that it allows the team to "remain fully focused on our mission of bringing transformative regenerative therapies to patients with limited treatment options."
New Science Ventures has backed NOVADIP before, leading a €28 million Series A in September 2015 and co-leading the first €19 million slice of a Series B in October 2021. The company eventually raised €59 million across that Series B, closing an additional €40 million in November 2022. Including equity and non-dilutive sources, NOVADIP has raised €137 million since inception and employs 53 people.
A Second Program for Spine Surgery
NOVADIP isn't betting everything on pediatric bone disease. The company is advancing NVDX3, a related therapy for spinal fusion procedures. The FDA cleared an investigational new drug application to begin a Phase 2b/3 trial in two-level cervical spine fusion, with patient enrollment planned for later in the year, according to a company release from last November. NOVADIP has run earlier-stage trials of NVDX3 in trauma surgery and lumbar fusion.
Chairman Eric Pâques framed the moment as inflection point. "With a pivotal Phase 3 program underway, regulatory preparation advancing and a significant commercial opportunity, Novadip is entering a critical value-creating period," he said.
Whether that value materializes depends on trial outcomes, regulatory reviews, and the company's ability to navigate manufacturing scale-up for a complex biological product. But for now, the checkbook is open and the trial is enrolling.
