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The opportunity
PharmNovo is a pharmaceutical company at the clinical stage of developing a unique type of treatment for neuropathic pain, a condition currently lacking effective and safe treatment.
Neuropathic pain affects almost ten per cent of the population in Europe and the USA and can have a highly detrimental effect on people’s quality of life.
The company's drug candidate, PN6047, effectively reduces nerve pain in animal models with a unique mode of action without the severe side effects associated with traditional treatments.
New type of drug with first-in-class potential
PharmNovo’s drug candidate binds specifically to a receptor that is important in neuropathic pain, and it is expected to provide both safe and effective relief. The candidate has the potential to become a first-in-class medicine.
The company's drug candidate, PN6047, about to enter phase II proof-of-concept studies, has effectively reduced neuropathic pain in animal models in preclinical studies.
Pre-clinical and clinical proof of concept
PharmNovo is in the final stages of its first phase I clinical trial during which safety and dosage have been studied in healthy individuals.
72 people have tested the drug without any serious side effects. The company has also conducted animal testing showing that the candidate effectively relieves nerve pain without causing the negative side effects commonly associated with other prescribed drugs.
PharmNovo has identified a dosage that is expected to be safe yet sufficient to achieve pain relief and is about to enter clinical phase II studies. The company has also prepared a trial design and is currently in the process of deciding where the trial is to be conducted in collaboration with an international contract research company that will be contracted for the study. The trial is expected to start in the third quarter of 2024.
Experienced and dedicated team
PharmNovo’s team has extensive experience in drug development, from early research to clinical development. The company’s founder, Dr. Bengt von Mentzer, has helped bring new drugs to clinical use and market during his thirty-plus years at AstraZeneca. Prof. David Kendall, CSO, is a prominent researcher in the field of pharmacology with a focus on, among other things, pain. Jesper Kjerulff, COO and global project lead, brings over twenty years of experience from the pharmaceutical industry. The company’s CEO has extensive experience in executive management, and the company also has an international network of leading expert advisors and consultants in various fields.
Sizeable high-growth market
The global market for nerve pain was valued at around EUR 7 billion in 2022 and is expected to reach over EUR 13 billion by 2033. Market growth is driven by an ageing global population with increasing incidences of diseases that can cause nerve pain, including type 2 diabetes, cancer, and shingles. Other drivers include greater awareness of nerve pain among doctors and patients. The company’s primary indications – allodynia and hyperalgesia – affect about twenty-five per cent of people suffering from nerve pain.
Exit strategy
Following a successful phase II trial, it is likely that a larger global pharmaceutical company will acquire the company as nerve pain accounts for almost ten per cent of the total market for pain medication and there is a great medical need that existing treatments cannot meet.
Several global companies active within pain or neurology have a history of acquiring companies with candidates matching their product portfolios, including Pfizer, Eli Lilly, Novartis, and Johnson & Johnson. For example, Eli Lilly entered into a licensing agreement with Confo Therapeutics worth EUR 586 million (cash and milestone payment) in phase I in 2023. Eli Lilly also acquired Acquire Disarm Therapeutics for EUR 1.26 billion (cash and milestone payment) in the late preclinical phase in 2020. Both companies are developing candidates for different types of nerve pain.
More information:
If you are interested in learning more about PharmNovo, exploring investment opportunities or considering a partnership with us, please get in touch with Per von Mentzer, CEO.
Email: per.von.mentzer@pharmnovo.se
Phone: +46 (0)705 44 32 50
