SiteOne Therapeutics, a San Francisco startup in the pain meds and pain diagnostics arena, has raised $1.5 million in an initial equity round. On top of that, it just secured a $1.4 million Phase II SBIR grant from the NIH.
This early funding round was led by Sears Capital Management and Biobrit LLC.
SiteOne’s technology, which it licenses from Stanford University, is developing a sodium inhibitor to treat moderate to severe pain – with an ultimate goal of creating an option to replace opioid analgesics, the company said. The compound was originally found in the ocean; it’s also got potential use in developing a long-acting local analgesic and a diagnostic PET imaging agent, the company said in a statement.
Why Pharma Companies Should Look To Social Media For Better Patient Insight
Healthcare decision-makers, especially at pharmaceutical companies, must prioritize patient input. Data collected from social media listening is a significant step in the right direction.
The sodium ion channel that SiteOne’s targeting – Nav1.7 – “is validated as a target for pain treatment by human genetic conditions,” the company said, which is why it’s attracting a lot of interest as a therapeutic target. Indeed, Cambridge-based Convergence Pharmaceuticals is working on that target as well, and just demonstrated proof-of-concept for a neuropathic pain treatment.