Saint Louis University spinout BioIntervene will use the capital to fund phase 1 trials for its non-addictive painkillers later this year.
BioIntervene, a US-based biopharmaceutical firm spun out of Saint Louis University (SLU), raised $30m in a series A round on Tuesday from life sciences-focused venture capital firm MPM Capital.
Founded in 2014, BioIntervene is working on non-addictive painkillers for chronic pain, chronic inflammatory disorders and neurodegenerative conditions. The spinout’s treatments target the A3 adenosine receptor, which contributes to the development of chronic pain.
The company’s approach is particularly promising in the area of neuropathic pain, caused by injuries to the nervous system due to trauma, disease or exposure to neurotoxins such as chemotherapy. Current painkillers often cause side effects or are opioid-based.
BioIntervene advances research by Daniela Salvermini, professor of pharmacology and physiology and director of the Henry and Amelia Nasrallah Center for Neuroscience at SLU.
She collaborated with Kenneth Jacobson, chief of the molecular recognition section in the Laboratory of Bioorganic Chemistry at National Institutes of Health.
The series A capital will allow the spinout to prepare for phase 1 trials of a non-addictive painkiller later this year and to advance a pipeline of potential treatments for multiple chronic inflammatory and neurodegenerative indications.
Salvemini said: “After dedicating many years to exploring the role of this pain pathway, I am very excited that the program through this funding now has the resources and leadership to advance our lead candidate into the clinic for neuropathic pain.
“Having the opportunity to translate one’s discoveries from the bench to the bedside is a dream come true. I am hopeful that our efforts will lead to the alleviation of suffering while helping end the opioid crisis.”
BioIntervene previously obtained $3.1m in seed funding from undisclosed investors in March 2019, according to a regulatory filing.
