Pharma

Chronic pain drug developer for cancer, lower back pain raises $3M

Relmada Therapeutics has raised $3 million in a series A round to fund the development of its drugs to treat chronic pain from cancer and lower back aches.

 

Company name: Relmada Therapeutics

Location: Blue Bell, Pennsylvania

Industry: Pharmaceuticals

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; and d-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.

Competitors: Endo Health Solutions, Pfizer, NeurogesX, Purdue Pharma, Actavis (being acquired by Watson Pharmaceuticals), Covidien and Reckitt Benckiser.

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