By Lisa Kerner
Erie, Pa., March 8 - Neuromed Pharmaceuticals said it completed a $25 million series D private equity financing round, bringing its total venture capital financing to $74 million.
Proceeds will be used to advance Neuromed's lead program for developing calcium channel blockers for chronic pain, as well as for investigating calcium channel blockers to treat pain, anxiety, epilepsy and cardiovascular diseases.
Participating in the round were existing investors including MPM Capital, Neuro Discovery LP, GrowthWorks Capital, CMDF, BDC Venture Capital, Cogene Biotech Ventures and the Royal Bank of Canada, as well as one new investor, James Richardson & Sons, Ltd. (JRSL).
Hartley Richardson, JRSL president and chief executive officer, will join Neuromed's board of directors.
"This successful round of financing, over-subscribed by nearly double, demonstrates the strong confidence our investors have in Neuromed's calcium channel-blocking technology and provides us with the ability to further capitalize on the value of our proprietary platforms," president and chief executive officer Dr. Christopher Gallen said in a company news release.
Neuromed also said it will change the name of its Canadian company to Neuromed Pharmaceuticals Ltd. from Neuromed Technologies Inc., signaling an evolution from research and discovery to clinical development of a potential commercially competitive product.
Located in Vancouver, B.C., Neuromed is a privately held biopharmaceutical company developing chronic pain drugs with pipeline programs in anxiety, epilepsy and cardiovascular disease.
| Issuer: | Neuromed Pharmaceuticals
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| Issue: | Series D private equity financing
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| Amount: | $25 million
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| Investors: | MPM Capital, Neuro Discovery LP, GrowthWorks Capital, CMDF, BDC Venture Capital, Cogene Biotech Ventures, Royal Bank of Canada, James Richardson & Sons, Ltd.
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| Announcement date: | March 8
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