Novaremed acquires Basel-based Metys Pharmaceuticals

Novaremed, a privately-held clinical-stage biopharmaceutical company, announces the acquisition of Metys Pharmaceuticals AG (Metys), including all of its development programs, in an all-share transaction. The acquisition broadens Novaremed’s existing pipeline by adding both clinical and preclinical development projects based on an innovative approach for non-opioid chronic pain treatment, the company’s focus area.

From now on, Novaremed’s pipeline to address neuropathic pain will focus on three non-opioid development projects with entirely different modes of action. The company’s candidate NDR NRD.E1, an orally active small molecule with a novel mechanism of action and patent protection until 2040. It acts as a Lyn kinase modulator and is the lead compound being developed to treat painful diabetic peripheral neuropathy (PDPN), affecting 1 in five diabetic patients. With positive results from Phase 2a dose-finding proof-of-concept study, an FDA Fast Track Designation and IND-approval Novaremed is ready to proceed with a 12-week Phase 2b study in patients with moderate to severe PDPN in the US.

The newly acquired candidate MP-101, a Phase 2 clinical candidate, is an orally available modulator of glutamate signaling. It works by preventing or reversing the ramped-up signaling that occurs in the spine and brain due to damaged peripheral nerves. MP-101 is a patented non-racemic mixture of dimiracetam enantiomers with patent protection until 2039. Based on positive results from Phase 1 and Phase 2 clinical studies, MP-101 is being developed to manage chemotherapy-induced neuropathy and neuropathic pain. The Phase 2 trial is expected to start in the first quarter of 2023. Another candidate, MP-103, a glutamate signaling modulator orally active in diverse rodent models for preventing and treating peripheral nerve injury symptoms, is set to start Phase 1 clinical development in the first half of 2023.

New board member for Novaremed
Andrew J. Oakley, Board member of Metys, will join the Board of Directors of Novaremed. He is an experienced pharmaceutical and biotech industry professional and currently serves as Chief Financial Officer of Autolus Therapeutics (NASDAQ: AUTL). Previously, he held CFO positions at listed pharmaceutical companies Sosei Group (TSE:4565), Vectura Group plc (LSE: VEC) and Actelion Ltd, where he led the finance function for over a decade. Before joining Actelion, Andrew held senior finance positions for Accenture and executive positions in major multinational building material companies. Andrew holds a Bachelor of Economics Degree from Macquarie University and an MBA from London Business School and has been a Member of the Australian Institute of Chartered Accountants since 1987.

(Press release)