With 10 million francs in capital, Novaremed AG gets ready for its global phase 2b clinical trials. The Basel based clinical-stage biopharmaceutical company is developing a novel treatment against diabetic neuropathic pain.
Diabetes (Type 1 and Type 2) is the leading cause of neuropathy. Up to 20% of diabetic patients suffering from diabetic neuropathic pain (DNP) of which two-thirds – 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.
Novaremed is working towards a solution to give hope to patients suffering from DNP. The startup’s lead compound NRD.E1, is novel, first-in-class, small, once daily, orally available molecule. During a 3-week clinical study 88 patients, suffering from DNP showed a clinically relevant reduction in patient-reported pain. NRD.E1 was well tolerated at all doses studied on the Phase 2a study.
In Q4 2019, the startup will conduct further studies. To achieve this goal, Novaremed raised CHF 4.44 million in April and recently an additional CHF 6 million from existing shareholders and several new private investors.
“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,” says Eli Kaplan, MD, Founder, and CEO of Novaremed AG.
(RAN)
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