PharmNovo raises SEK 67 million to take neuropathic pain drug candidate into clinical trial
PharmNovo AB, a Swedish pharmaceutical company developing drugs for neuropathic pain, so-called nerve pain, has completed a share issue of SEK 67 million led by the investor syndicate Sciety. Karolinska Development AB also participated in the share issue. The capital will be used to produce the drug substance, implement a clinical phase I study, and continue the company's development.
Nerve pain affects almost ten percent of the population in Europe and the United States and significantly impairs people's quality of life. The drug candidate PN6047 from PharmNovo is an entirely new type of drug which has effectively relieved nerve pain in animal models without the adverse side effects associated with the drugs on the market today.
The preclinical studies of the company's candidate PN6047 are completed with good results, and the phase I study is expected to start in autumn 2022.
"We are delighted with this successful share issue, which means we are now well equipped and ready to take our drug candidate into clinical trials. Thanks to Sciety and their extensive investor syndicate, which includes significant venture capital firms, we have strengthened our ownership base with Karolinska Development AB. In addition to the capital, they add deep know-how and an extensive international contact network," says Per von Mentzer, CEO of PharmNovo.
"This capital raise is proof of the great interest in our work. In addition to the capital injection, it is also very satisfying to have a group of investors who share our vision of improving the quality of life for the millions of people who suffer from chronic pain," says Göran Lerenius, Chairman of the board.
For more information, please contact:
Per von Mentzer, CEO
Phone +46 705 44 32 50
Email: per.von.mentzer@pharmnovo.com
About PharmNovo
PharmNovo AB 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 treatment. The company's drug candidate, PN6047, has effectively reduced nerve pain in animal models in preclinical studies. The company also sees clinical potential in other areas such as migraine, anxiety/depression, and chronic cough. PharmNovo, headquartered in Medicon Village in Lund, Sweden, was founded in 2008 by Dr. Bengt von Mentzer, who has more than 30 years of experience in drug development and pain research at Astra Zeneca. The team comprises prominent researchers in academia and industry, and the company has an extensive international network of leading expert advisors. To learn more, visit pharmnovo.com.
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