Safeguard Scientifics invests $5 million in locally-based Quinnova

Now this is what we like to see: local VCs investing in local companies.
Wayne-based Safeguard Scientifics has invested $5 million in Newtown-based Quinnova Pharmaceuticals. The investment leads a Series B expansion round of $17.4 million.
According to a press release, the company will use the investment in part to fund a Phase III clinical trial and to aid in the company’s sales and marketing efforts. Quinnova specializes in developing drugs that can be applied through the skin and has a patent on technology for a delivering skin medicine in a foam.
According the Inquirer’s Joe Destefano, Quinnova employs 40 people and is developing additional products under its Proderm and Neosalus brands.

The investment round also included existing investors Thomas, McNerney & Partners and H.I.G. BioVentures. As part of the deal, Safeguard’s Managing Director of Life Sciences James A. Datin joins the Quinnova Board of Directors.
The investment is typical for Safeguard, which usually invests in technology and life science companies. Though most recently the company led a $10 million round of funding for 67th ward-based MediaMath in August.
Safeguard also has invested in Conchohocken-based pharma company NuPath. We interviewed NuPathe CEO Jane Hollingsworth in September.