Neuromed banks $53.3M in venture funds

Neuromed Pharmaceuticals has garnered a whopping $53.3 million in Series E funds, bringing its total take in venture capital to $126 million. Much of that money is earmarked for clinical trials, including a late-stage study of a newly licensed pain drug. MPM Capital, James Richardson & Sons, Neuro Discovery LP, GrowthWorks Capital (Working Opportunity Fund), BDC Venture Capital, CMDF, and the Royal Bank of Canada all participated in the round.

"Funding from this round will allow Neuromed to accelerate the development of its promising drugs to treat pain, including NMED-1077, our recently in-licensed product for chronic pain in Phase III clinical development," said Dr. Christopher Gallen, Neuromed's president and CEO. "We have three programs aimed at addressing the underserved pain market and we believe this investment reflects the confidence that our investors have in Neuromed's potential to develop new treatments for the millions of people worldwide suffering from pain."

- check out the release on the latest round

Related Articles:
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Neuromed lands pain therapy in $30M deal. Report
Neuromed raises $25M. Report
Merck, Neuromed abandon potential Vioxx successor. Report

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