Denmark-based pharmaceutical company Novo has invested in a $45m series C round raised by Australia-based Spinifex pain drug developer Spinifex Pharmaceuticals.
Novo Ventures, Novo’s corporate venturing subsidiary, was joined by new investor Canaan Partners and existing investors GBS Partners, Brandon Capital Partners, Uniseed and UniQuest. GBS, Brandon and Uniseed previously invested $19m in Spinifex’s 2011 series B round
Spinifex intends to use the investment to further development of its lead project, EMA401, an oral treatment for chronic pain without side effects for the central nervous system.
“Despite its prevalence and debilitating effect on patients, chronic pain remains poorly treated. Spinifex is taking an entirely novel approach and has delivered excellent clinical results in PHN, as published in The Lancet,” Heath Lukatch, a partner at Novo Ventures, said. “We are very pleased to be leading this round and to join Canaan Partners and the existing investors to support the next stage in EMA401′s progress.”
Heath Lukatch and Steve Collins of Novo, alongside Bren Ahrens of Canaan Partners, will join Spinifex’s board.