Australian Pain Drug Developer Spinifex Raises $45M
April 14, 2014
Spinifex Pharmaceuticals, a pain drug development company, has completed a $45 million Series C financing led by Novo A/S and joined by additional new investor Canaan Partners. Existing investors GBS Venture Partners, Brandon Capital Partners, Uniseed and UniQuest also participated. The new funds will be used to advance the development of Spinifex's lead candidate, EMA401, a receptor antagonist being developed as a potential oral treatment for chronic pain without CNS side effects. Spinifex is preparing to conduct a further dose-ranging Phase 2 trial of EMA401, specifically studying the candidate's efficacy over a 12-week timeframe as would be required by the FDA during the eventual Phase 3 program.
Spinifex previously raised A$18.25 million ($17.1 million) of Series B funding in 2011. As part of the new investment, Novo's Heath Lukatch and Steve Collins, as well as Canaan's Brent Ahrens, will join the company's Board of Directors.