Sciety and Karolinska Development invest SEK 67 million in PharmNovo
PRESS RELEASE. The Swedish pharmaceutical company PharmNovo, which is developing a new type of drug for nerve pain, has raised SEK 67 million in a new share issue led by Sciety. Karolinska Development AB participated in the share issue with SEK 20 million. The new capital will be used to finance the drug substance manufacture, implement a clinical phase I trial of the drug candidate PN6047, and fund the company’s continued development.
“We are very happy to have completed this successful new share issue with Sciety and would like to thank everyone who has participated for their great trust in PharmNovo. Thanks to Sciety, we have gained new owners of good repute, strengthening the company’s ownership structure and broadening our international contact network. We have concluded the preclinical program with positive results, and this capital injection allows us to continue developing our drug candidate for nerve pain with full force,” says Per von Mentzer, CEO of PharmNovo.
Nerve pain, or neuropathic pain, is a difficult-to-treat pain syndrome that often develops into a chronic condition and affects about ten percent of the population. Nerve pain can result from a direct physical injury or surgery but can also be caused by common diseases such as diabetes, cancer, shingles, and MS (multiple sclerosis).
There are currently no pain-relieving medications specifically for nerve pain. Pain patients are generally treated with antiepileptic and antidepressant medicines that only provide a limited effect and often are associated with severe side effects.
“We are pleased to invest an additional SEK 47 million in PharmNovo, which addresses a vast but still unmet need and has the potential to help a huge patient group worldwide. The company’s drug candidate, based on a completely new approach, has shown promising results in preclinical studies. PharmNovo is now embarking on a new phase with the mission to develop effective pain relief without negative side effects,” comments Andreas Lindblom, CEO of Sciety.
PharmNovo AB is a clinical phase pharmaceutical company focusing 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.
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Sciety is the leading life science and health tech investment syndicate in the Nordics. By combining experience in life science and finance, we select promising companies in the industry. We invest our funds in all companies that pass our selection process and offer the investment syndicate to co-invest on the same terms. The syndicate comprises venture capital firms, family offices, and business angels. Our mission is to help life science innovations to reach their full potential.