SiteOne Therapeutics, a spinout of Stanford University looking to develop non-opioid pain medication, has secured a seven-figure investment from venture firm Next Frontier Capital (NFC).
NFC, which didn’t disclose the actual amount for competition reasons, recently raised a $20m fund to invest in and around tech startups in the Bozeman, Montana region, where SiteOne is based.
SiteOne is hoping to disrupt the opioid pain medication market, which the company says is an epidemic in the US. According to SiteOne, 2.5 million Americans regularly abuse opioids such as Vicodin, Percocet, and OxyContin. This can lead to 16,000 overdose deaths per year and costs $72bn annually.
