US-based New Science Ventures led the financing round, which also included Belgian investors VIVES Louvain Technology Fund, NivelInvest, Fund+, Integrale, SRIW, SFPI-FPIM, Epimède and other individual participants.
The company will use the proceeds for clinical development and process industrialization of its lead compound Creost.
Creost is a patented cellular therapy to deliver innovative treatments for bone healing disorders and bone defects.
It is made of adipose-derived mesenchymal stem cells (AMSCs) obtained after their isolation from a minimally invasive subcutaneous procedure.
Creost is an easy-to-use autologous 3D osteogenic structure which reconstructs critical size bone defects without using scaffold.
Novadip will initially evaluate Creost for complex lumbar spine fusion, an unmet medical requirement affecting over 100,000 patients a year globally.
Novadip Biosciences CEO and co-founder Jean-François Pollet said: "The proceeds will be used to advance clinical development of Creost and realize its full potential as a first-in-class medicinal product with broad applicability in bone reconstruction.
"We also have the capacity to work collaboratively with partners on other targets and indications in hard and soft-tissue reconstruction where the potential of our technology has strong clinical, economic and societal value."
The company said Creost has already demonstrated signals of safety and enhancement of clinical outcomes in various indications including congenital and acquired pseudo-arthrosis, and spine fusion.
Image: Creost is a patented cellular therapy to deliver innovative treatments for bone healing disorders and bone defects. Photo: courtesy of Novadip Biosciences.