Sweden-based life sciences investment company Karolinska Development has reportedly completed its investment in PharmNovo, thus making the clinical pharma company the tenth entity in Karolinska’s portfolio.
Karolinska Development has invested USD 1.9 million (SEK 20 million) in PharmNovo, through a new share issue that was led by Sciety, in total contributing around USD 6.4 million (67 million) to the company.
For those unaware, PharmNovo is a pharmaceutical company that specializes in developing effective and safe drugs for neuropathic pain, an area that has long struggled with a lack of treatment options.
The company is working on developing a novel treatment option, called PN6047, for a difficult-to-treat type of pain that usually turns into a chronic condition. This drug candidate has also effectively managed to lower nerve pain in animal models during preclinical studies.
PharmNovo is also looking to expand its reach into other areas including chronic cough, anxiety/depression, and migraine.
Meanwhile, Karolinska Development is a life sciences investment firm that emphasizes discovering breakthrough medical innovations in the Nordic region. The company focuses on investing in the development as well as the growth of firms that manage to transform these assets into commercial and successful products.
According to Karolinska Development CEO Viktor Drvota, PharmNovo’s drug candidate has demonstrated promising results during preclinical disease trials and has the potential to help several patients suffering from nerve pain.
Karolinska Development is known to have access to state-of-the-art medical innovations in the Nordic region. The investment firm intends to create companies surrounded by leading scientists, co-funded by international investors, and supported by an expert team of advisors.
Currently, the Sweden-based company has a portfolio of ten companies that focus on developing innovative treatment options for serious or life-threatening debilitating diseases. Karolinska Development now owns 13.7% in PharmNovo.
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