Novaremed announces that it has raised CHF 4.4 million
Phase 2b study planned for lead compound NRD.E1 in diabetic neuropathic pain
Basel/Switzerland, April 17, 2018 – Novaremed AG, a newly incorporated Swiss clinical-stage biopharmaceutical company, announced today that it has successfully raised CHF 4.44 million from private investors. The funds will be used to prepare for a Phase 2b clinical study of its lead compound, NRD.E1, a novel, first-in-class, small molecule for patients suffering from diabetic neuropathic pain (DNP).
NRD.E1 showed efficacy in studies in multiple pre-clinical pain models. Top-line data from the recently concluded placebo-controlled, randomized, Phase 2a (proof of concept) study in 88 patients suffering from DNP showed dose-related, clinically relevant reductions in pain intensity reported by patients. The study, carried out in 10 centers in Israel, helped to identify suitable doses for further clinical evaluation. NRD.E1 was safe and well tolerated over 3 weeks at three doses of up to 150 mg/day, the highest dose used in the study.
Eli Kaplan, MD, Founder and Chief Executive Officer of Novaremed AG, commented: “I am very proud that Novaremed’s lead compound has found strong support in the investor community. In the past years, we have generated a strong set of pre-clinical and clinical data that support a very attractive target profile for this allosteric modulator of Lyn Kinase.”
Dr. Kaplan continued: “The compound – patent-protected in major markets worldwide at least until 2032 – showed tolerability comparable to placebo at doses significantly higher than the therapeutic doses chosen for the next Phase 2b study.”
Novaremed AG is currently planning to publish the full data of the proof of concept study in a peer-reviewed medical journal in 2019.
With the CHF 4.44 million raised, the company will prepare for a Phase 2b clinical study, which will include patients in Europe and the United States.
Novaremed AG is initiating a new financing round targeting institutional investors to raise CHF 25 million for the execution of the Phase 2b clinical study, preparing for a Phase 3 clinical study and initiating life-cycle management.
Dr. Kaplan commented: “Novaremed was originally founded in 2008 in Israel. In the early stages of the company, Israel provided a very good base to conduct basic pre-clinical research and carrying out the proof of concept study in DNP patients with NRD.E1. Now, with clinical development starting on a global level in 2019, Basel is one of the best places worldwide to rapidly gain access to high-quality staff and services.”