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Proceeds will advance development of CA-008, a potential first-in-class long-lasting non-opioid therapeutic for the treatment of post-surgical pain
Raise also supports continued development of pipeline of TRPV1-agonist prodrugs for chronic refractory pain and osteoarthritis
SAN FRANCISCO, May 21, 2019 (GLOBE NEWSWIRE) -- Concentric Analgesics, Inc., a clinical-stage biopharmaceutical company focused on developing and commercializing novel, non-opioid pain therapeutics, today announced the successful completion of a $76 million Series B financing. The financing was led by Oracle Investment Management and included additional new investors Venrock Healthcare Capital Partners, Cowen Healthcare Investments, and Kern Whelan Capital.
Concentric intends to use the proceeds from the financing to advance its lead product candidate, CA-008, into late stage clinical trials targeting the post-surgical market. CA-008, a non-opioid therapeutic providing long-lasting pain relief after a single local administration, has previously received both Breakthrough Therapy Designation and Fast-Track Designation from the U.S. Food and Drug Administration. Proceeds will also be used to further develop the Company’s pipeline of product candidates for chronic refractory pain and osteoarthritis.
“This financing is a significant milestone that will enable us to continue to rapidly advance CA-008 into late-stage clinical development,” said Frank Bellizzi, DMD, Chief Executive Officer of Concentric Analgesics. “We are especially gratified to have such strong support from top-tier healthcare investors who share our vision and determination to address the critical unmet need for truly long-lasting, non-opioid pain therapies.”
“Concentric is developing an impressive portfolio of therapeutics that have the potential to establish a new standard of care for the treatment of acute and chronic pain,” said Larry Feinberg, Founder and President of Oracle Investment Management. “We look forward to working with the Concentric team to bring these important product candidates to market.”
About Opioid Addiction & Post-Surgical Pain
Opioid addiction in the United States has reached epidemic proportions, destroying families, lives and communities throughout the country. According to the Centers for Disease Control and Prevention, approximately 70,000 Americans died from opioid overdoses in 2017, a 10% jump from 2016 – and more than the total number of U.S. military deaths in all 15 years of the Vietnam war. New approaches for preventing this insidious disease are imperative, including in the post-surgical setting, which can be a gateway to prescription pain medicine abuse and ultimately to illicit narcotics. A 2016 US News & World Report revealed that one in ten patients report becoming addicted or dependent on opioids following surgery. With more than 100 million surgeries being performed in the U.S. in 2017, 30 million of which require post-surgical pain management beyond over-the-counter (OTC) pain medications, the mandate to develop safe and effective non-opioid alternatives is clear.
Concentric Analgesics’ lead product candidate for post-surgical pain is a first-in-class therapeutic that rapidly converts to capsaicin, a potent TRPV1-agonist. CA-008 is currently undergoing Phase 2 clinical studies and has received both Breakthrough Therapy Designation and Fast-Track Designation from the U.S. Food and Drug Administration.
Unlike local anesthetics, CA-008 selectively desensitizes pain-conducting nerve fibers without producing numbness or weakness. CA-008, injected during surgery, has the potential to reduce, and in some patients eliminate, the need for opioids in the postsurgical recovery period. The compound is designed to provide clinically meaningful pain relief for a week or more resulting in quicker return to normal activities.
About Concentric Analgesics, Inc.
Concentric Analgesics is a clinical-stage, biopharmaceutical company focused on developing and commercializing novel, non-opioid pain therapeutics. The Company’s portfolio of proprietary TRPV1-agonist prodrugs is designed to provide long-lasting, selective pain relief after a single local administration. Concentric has three active programs for multiple indications with significant unmet need: post-surgical pain, osteoarthritis and chronic refractory pain. Concentric is headquartered in San Francisco, California. For more information, please visit www.concentricanalgesics.com.
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Chief Executive Officer
Concentric Analgesics, Inc.
Wheelhouse Life Science Advisors