PharmNovo awarded blended funding of €17.5M from EIC for innovative pain treatment
PharmNovo, a Swedish clinical-stage pharmaceutical company, has been awarded €17.5 M in blended funding from the European Innovation Council (EIC) Accelerator under the Horizon Europe program. The funding consists of a grant of €2.5 million and equity investments through the EIC Fund of up to €15 million, contingent upon securing equivalent funding from co-investors.
Jesper Kjerulff, COO and Project Lead of PharmNovo, stated: “This funding will support PharmNovo to advance PN6047 through a Phase IIa proof of concept (PoC) study. Demonstrating efficacy in this study would represent a major advance in neuropathic pain treatment, positioning PN6047 as the first-in-class drug in a new category of pain relief medications—delta opioid-biased receptor agonists (DOBRAs).”
The lead drug candidate from PharmNovo, PN6047, offers a novel approach for treating neuropathic pain. Unlike conventional opioid drugs, PN6047 is a highly selective delta opioid receptor agonist (DORA) with a unique molecular structure that activates the G protein signalling pathway while avoiding unwanted side effects such as analgesic tolerance and proconvulsant activity.
Per von Mentzer, CEO of PharmNovo, remarked: “Securing the maximum funding available under the EIC Accelerator program highlights the innovative potential of PN6047. We are deeply thankful for GAEU Consulting’s professional assistance. Their expertise was invaluable, and the support from Horizon Europe will be crucial in advancing our clinical trials and bringing this much-needed pain relief solution to patients.”
For more information, please contact:
Per von Mentzer, CEO
Phone +46 705 44 32 50
Email: per.von.mentzer@pharmnovo.com
About PharmNovo
PharmNovo is a clinical-stage pharmaceutical company focused on developing safe and effective drugs for neuropathic pain. In this area, there is currently a lack of sufficient treatments. The company’s drug candidate, PN6047, effectively reduces neuropathic pain and is devoid of abuse potential in animal models. The company also sees clinical potential in other areas: chronic cough and opioid withdrawal syndrome (OWS). PharmNovo, headquartered in Medicon Village in Lund, Sweden, was founded in 2008 by Bengt von Mentzer, who has more than 30 years of experience in drug development and pain research. The team comprises prominent researchers in academia and industry, and the company has an extensive international network of leading experts and advisors. To learn more, visit pharmnovo.com and follow PharmNovo at LinkedIn.
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