Sciety invests in Synartro that develops novel therapy for osteoarthritis
PRESS RELEASE. The Swedish biotechnology company Synartro, which is developing a novel, improved treatment for knee osteoarthritis, has successfully raised SEK 34 million with Sciety and its investment syndicate. The new capital will be used for the company’s first clinical trial expected to start in 2022.
”We greatly appreciate the continued strong support for our vision to help people with osteoarthritis to live an active and pain-free life. With Sciety and the investment company Linc as the largest owners, we have ensured that we can start the first clinical trial in humans with our candidate SYN321 as planned”, says Mia Brundin, CEO of Synartro.
Around 24 million people are currently treated with drugs for knee osteoarthritis, the most common form of osteoarthritis, but only half of these receive adequate pain relief. Common treatments such as NSAIDs, opioids, and cortisone injections are associated with negative side-effects such as gastrointestinal and cardiovascular complications, misuse, or long-term joint damage.
Synartro develops a novel therapy for knee osteoarthritis–a powerful combination of an anti-inflammatory drug and hyaluronic acid that is a natural lubricant for the joint. The treatment is administered as a joint injection and is expected to provide several clinical benefits such as rapid effect, longer pain relief, and fewer side effects.
“Osteoarthritis is a growing public health problem and a leading cause of chronic pain and disability. There is a big clinical need for effective drugs with fewer side effects. The company operates in a globally expanding market dominated by injections, where knee osteoarthritis accounts for the largest market share”, comments Andreas Lindblom, CEO of Sciety.
Synartro is a biotech company with patented technology for linking substances to improve the efficacy and product characteristics of drugs. The company’s first substance, SYN321, is being developed for the treatment of osteoarthritis of the knee. The founders are Bengt Lindqvist, who was one of the researchers behind the hyaluronic acid products Restylane and Healon (Pharmacia), Rune Ringom, and Fredrik Lehmann. Among the main owners are Linc AB and the founders.
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Sciety is the leading Nordic life science and health tech investment syndicate. By combining experience from 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.
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