PRESS RELEASE. Sciety and Sciety Venture Partners have recently completed an investment in the Swedish pharmaceutical company PharmNovo, developing a new type of drug for nerve pain. The funds were raised through convertible debentures, providing PharmNovo with SEK 23.1 million for the company’s continued development. Karolinska Development and Almi Invest also participated in this funding round.
PharmNovo AB is a clinical-stage pharmaceutical company focused on developing safe and effective drugs for nerve pain—an area currently lacking sufficient treatment options. The company’s drug candidate, PN6047, has shown effective relief of nerve pain in preclinical studies. Additionally, PharmNovo identifies clinical potential for PN6047 in areas like chronic cough and opioid withdrawal syndrome.
Recently, PharmNovo completed a fundraising round through convertible debentures in collaboration with Sciety and Sciety Venture Partners. The capital raised – SEK 23.1 million – is allocated to PharmNovo’s ongoing development. The company is preparing for a Phase II study of the drug candidate PN6047.
“With our recent fundraising round in collaboration with Sciety, we have strengthened the funding for PharmNovo’s continued development. In parallel, we are working to secure additional funding for our drug development. We remain dedicated and focused on improving the quality of life for the millions of people suffering from nerve pain,” says Per von Mentzer, CEO of PharmNovo.
Nerve pain is a challenging kind of pain that often evolves into a chronic condition, affecting around ten percent of the global population. It can result from a direct physical injury or surgery but may also be caused by common diseases such as diabetes, cancer, shingles, and multiple sclerosis (MS).
“We are pleased to once again invest in PharmNovo, a company addressing a substantial yet unmet global need amongst a widespread patient group. PharmNovo’s drug candidate, PN6047, has the potential to effectively alleviate nerve pain without the negative side effects present in current treatments. We look forward to following the company’s continued development,” says Andreas Lindblom, Managing Partner at Sciety.
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 treatments. The company’s drug candidate, PN6047, effectively reduces neuropathic pain 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 Dr. Bengt von Mentzer, who has more than 30 years of experience in drug development and pain research at AstraZeneca. 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 and follow PharmNovo at LinkedIn.
About Sciety
Sciety is a leading investment company, committed to supporting the growth of innovative life science and health tech companies in the Nordic region. We invest alongside Sciety Venture Partners, comprising family offices and private investors, as well as venture capital firms. Our mission is to enable the full potential of life science innovations, helping to bring breakthroughs in healthcare to people all over the world. For more information, please visit www.sciety.com and follow us on LinkedIn.
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