Market Overview

Novaremed announces that it has raised CHF 6 million to prepare for a Phase 2b clinical study in Diabetic Neuropathic Pain

Share:

Novaremed AG, a Swiss clinical-stage biopharmaceutical company,
announced today that it has successfully raised additional financing of
CHF 6 million from existing shareholders and several new private
investors. The financing raised via a rights offering, with pro-rata
rights for existing shareholders, was significantly oversubscribed. The
proceeds of the financing will be used to prepare for a global 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).

Eli Kaplan, MD, Founder and CEO of Novaremed AG, commented: "I am
delighted that our existing shareholders and several new private
investors invested significantly in our rights offering. Their
investment commitment reflects the potential they see in Novaremed and
its lead program in DNP."

Together with CHF 4.44 million raised in April 2018, the company will be
well capitalized to prepare for a global Phase 2b clinical study, which
is expected to be initiated in H2 2019.

Notes to the Editor:

About diabetic neuropathic pain (DNP)

Diabetes (Type 1 and Type 2) is the leading cause for neuropathy.1
Up to 20% of diabetic patients suffers from DNP2 and
two-third of those – more than 15 million patients - experience chronic,
debilitating pain that substantially impairs quality of life. The
efficacy of available treatments is limited and associated with many
adverse effects and drug to drug interactions.

1. Snyder, MJ; Gibbs, LM; Lindsay, TJ: "Treating Painful Diabetic
Peripheral Neuropathy: An Update". American Family Physician. 94 (3):
227–34, 2016

2. van Hecke O. Et al; Pain 2014, 155: 654-662

About NRD.E1

NRD.E1 is a small, once daily, orally available molecule, first
synthesized in 2009. NRD.E1 has been shown to be an allosteric modulator
of Lyn Kinase and is first in class. It is currently being developed for
the treatment of DNP. The recently concluded 3-week, placebo-controlled,
randomized Phase 2a proof of concept clinical study in 88 patients
suffering from DNP showed clinically relevant reduction in
patient-reported pain. NRD.E1 was well tolerated at all doses studied on
the Phase 2a study.

About Novaremed

Novaremed Ltd. was founded in 2008 in Israel. In early 2018, the
clinical-stage biopharmaceutical company was incorporated in Switzerland
as Novaremed AG to gain rapid access to highly qualified staff and
services required for rapid clinical development on a global scale.
Besides evaluation of its lead compound NRD.E1 in DNP, further
indications will be explored as part of a comprehensive life-cycle
management, supported by efficacy demonstrated in multiple animal models
of pain and other indications.

View Comments and Join the Discussion!