PRESS RELEASE. Sciety’s portfolio company PharmNovo, a Swedish pharmaceutical company based in Lund, reports positive results in its clinical phase I study of a drug candidate for nerve pain – an area currently lacking safe and effective treatments. The company announces that the headline results of the study show that the candidate is safe and well tolerated at doses expected to be sufficient to achieve pain relief. Sciety saw the potential in PharmNovo early on and invested when the company was in the preclinical phase, together with Karolinska Development.

Sciety’s portfolio company PharmNovo, a Swedish clinical-stage pharmaceutical company based in Medicon Village in Lund, announce positive primary results in a press release, so-called headline results, in the company’s phase I study of the drug candidate PN6047 for nerve pain. The clinical results demonstrates that the candidate is both safe and tolerable at the doses predicted to provide relief of nerve pain. The candidate showed no signs of side effects such as respiratory depression, addiction or cardiovascular problems that occur with other treatments commonly prescribed for nerve pain. The news have been highlighted by both Bloomberg and Swedbank.

The study began in August 2022 and included 104 participants divided into groups of 8 participants, where 6 received the drug candidate and 2 received placebo preparations. The study tested both treatment with a single dose (Single Ascending Dose, SAD) and with repeated doses (Multiple Ascending Dose, MAD).

Per von Mentzer, CEO of PharmNovo, comments: “We have reached a remarkable milestone with our phase I study, and I am very proud of my team. Our mission to transform neuropathic pain treatment is steadily progressing.”

Jesper Kjerulff, COO at PharmNovo, says: “Regarding the development of PN6047, our track record stands on par with top players in the pharma industry. We have successfully completed both the preclinical and phase I stages, each within a year, with highly satisfactory results.”

PharmNovo is currently preparing the company’s phase II study in people with allodynia – a type of nerve pain where even light touching can cause severe pain, with the aim of treating the first patient by mid-2024.

Sciety invested in PharmNovo in 2020, when the company was in its preclinical phase, and proceeded with a follow-up investment in 2022 ahead of their phase I study, together with Karolinska Development AB.

Andreas Lindblom, Managing Partner at Sciety, comments: “We are delighted to hear about the positive results – not least because PharmNovo now has taken one step closer towards offering a new type of treatment for people who currently lack effective alternatives. Nerve pain is something that affects a considerable part of the population and it is often long-lasting, which is why we are particularly proud of PharmNovo’s success, and look forward to following the company’s growth, and continuing to finance their development.” 

Contact

Andreas Lindblom, Managing Partner, Sciety: andreas.lindblom@sciety.se, phone 070-375 73 73

Per von Mentzer, CEO, PharmNovo: per.von.mentzer@pharmnovo.com, phone 070-544 32 50

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 on 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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