Company name: Relmada Therapeutics
Solution/product: Its lead product is chronic pain treatment LevoCap, a proprietary once-a-day extended release dosage form of the opioid levorphanol. It is being presented as an alternative to non-opioids and other opioids that do not provide adequate relief. Its pipeline also includes Mepivacaine gel, a gel form of local anesthetic mepivacaine, used to treat peripheral neuropathies associated with diabetes and HIV as well as postherpetic neuralgia; Buprenorphine extended release (ER), an oral dosage form of buprenorphine to treat chronic pain and opioid dependence; andd-methadone.
Money raised: $3 million in initial close of series A round.
How it will be used: Commenting on its lead product, LevoCap, CEO Sergio Traversa said in a company statement that it anticipates completing additional formulation development, manufacturing and pharmacokinetic studies required to initiate phase 3 studies by mid-2013. It will use additional funds from ongoing series A financing to further develop its product pipeline.
Investors: BioAdvance, Ben Franklin Technology Partners of Southeastern Pennsylvania and Wonpung Mulsan Co.