Novaremed raises CHF2.5 million and prepares Phase2b clinical study

The round brings the total financing raised by the company, since its inception, to CHF23.5 million. “The oversubscription of the new financing is a strong endorsement by our shareholders of the major milestone achieved by the company by securing an IND clearance from the FDA”, said Subhasis Roy, CEO of Novaremed. In June the U.S. Food and Drug Administration (FDA) has cleared an Investigational New Drug (IND) application to initiate its US-based Phase 2 clinical study of the novel drug candidate, NRD135S.E1, for the treatment of Painful Diabetic Peripheral Neuropathy (PDPN).

NRD135S.E1 is an orally active non-opioid small molecule with a novel mechanism of action against PDPN. In a Phase 2a Proof of Concept study, NRD135S.E1 showed clinically relevant reduction in patient-reported pain and an excellent safety and tolerability profile.

Novaremed also announced that its PCT patent application covering a targeted therapy to treat pain and inflammation was published on July 30, 2020. Dr. Eli Kaplan, Novaremed’s Founder and Chief Innovator, commented, “This PCT patent application is a significant step in being able to protect our unique compound for neuropathic pain for many years to come. It is particularly important now as we get closer to beginning our Phase 2b clinical trial in patients with PDPN.”