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Novalar Raises $30 Million in Late-Stage Financing Round

Novalar Pharmaceuticals Inc., a privately held pharmaceutical company focused on dental treatments, said Nov. 1 it closed a $30 million series D financing round.

New Enterprise Associates led the financing, along with participation from existing investors Domain Associates, SR One and Montreux Equity Partners.

In connection with the latest round of financing, NEA partner Mike Raab and John Savarese, managing director at Montreux Equity Partners, were appointed to Novalar’s board. Domain Associates Partner Bob More was elected chairman of the board.

Novalar said it intends to use the proceeds from its financing to support the domestic launch of NV-101, a first-in-class local dental anesthetic reversal agent that speeds the return to normal sensation and function following restorative and periodontal maintenance procedures, and the development of other dental drug candidates.

Novalar filed a new drug application with the Food and Drug Administration for NV-101 in April. The application was accepted for filing in June and, pending approval by the FDA, the company anticipates a U.S. launch of NV-101 in 2008.

, Heather Chambers

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