Nerre Therapeutics, a UK-based developer of treatments for neuronal hypersensitivity, has raised £23m ($28m) in series B funding from investors including pharmaceutical firm Novo.
The round was co-led by venture capital firm Fountain Healthcare Partners, VC fund Forbion Capital Partners and investment firm OrbiMed, with participation from VC firm Advent Life Sciences.
Pharmaceutical company GlaxoSmithKline (GSK) spun Nerre out in 2012 to develop its portfolio of NK receptor antagonists in order to combat conditions caused by neuronal hypersensitivity. NK receptors are located in the nervous system and are a target for analgesics and anti-depressants.
Nerre will use the funding to advance phase 2 clinical testing for its lead candidate, Orvepitant, a potential treatment for a common, chronic respiratory condition. It also plans to advance another candidate, NT-814, into phase 2 trials for post-menopausal vasomotor symptoms.
Novo had previously invested in Nerre as part of an £11.5m round in 2012 that included GSK, Wellcome Trust, and the UK government’s Technology Strategy Board and Department of Business, Innovation and Skills.
Mary Kerr, chief executive of Nerre, said: “Nerre is delighted to have attracted such a substantial investment from these high profile life sciences investors.
“Now that we are fully funded to execute the next phase of development, everyone at the company is focused on moving Orvepitant and NT-814 closer to the market for the alleviation of these common, chronic and debilitating conditions.”