PharmNovo AB has completed a new share issue of 22 million SEK with the Sciety investment syndicate as the lead investor. Almi Invest and existing shareholders also participated. The new capital will be used to finance production of PharmNovo’s lead drug candidate PN6047 and for regulatory toxicology testing.
CEO Per von Mentzer commented:
“We are very pleased with the successful closing of the investment round and the collaboration with Sciety. We welcome our new shareholders and thank them and existing shareholders for their trust in us and their confidence in the potential for PN6047. In particular Almi Invest, who invested 6.5 MSEK. The new capital will enable the necessary steps in the development of PN6047 into a novel treatment for millions of people suffering from chronic pain.”
PN6047 has shown very positive results in pre-clinical studies on animal models in terms of both efficacy and safety and this should enable clinical testing to begin within the next 18 months.
While the company’s initial focus is neuropathic pain treatment, PharmNovo also sees clinical opportunities in other areas such as cancer pain, migraine, and chronic cough.
Sciety is the leading investment syndicate in the Nordics with an exclusive focus on life science and health tech. By combining experience from life science and finance Sciety selects promising companies in the industry, invests in all companies that pass their selection process and offer the investment syndicate to co-invest on the same terms. The syndicate comprises venture capital firms, family offices, and business angels.
22 MSEK new funding
PharmNovo has completed a new share issue of 22 million SEK with the Sciety investment syndicate as the lead investor.Read more →
As a result of our publication in JPET with University of Bristol, contact was established with Prof. Amynah Pradhan at the University of Illinois, Chicago.Read more →
New CEO appointed
The board of PharmNovo AB is pleased to announce that former VP Business Development Per von Mentzer assumed the position as new Chief Executive Officer of PharmNovo AB effective May 2020.Read more →
JPET approves PN6047
In collaboration with our research partners at the University of Bristol, we have had a manuscript detailing the results of our preclinical studies of PN6047 accepted for publication in the highly cited Journal of Experimental Pharmacology and Therapeutics (JPET), the official journal of the American Society for Pharmacology and Experimental Therapeutics (ASPET).Read more →