PALO ALTO, Calif.--(BUSINESS WIRE)--Neumentum, a pharmaceutical company dedicated to transforming the way acute and chronic pain are treated – without opioids – today announced that it has raised $6 million in a Series A funding round through the sale of Series A Convertible Preferred Stock. Brookline Capital Markets acted as the exclusive placement agent for the financing.
The funding will be used to advance a pipeline of non-opioid drug candidates that have the potential to treat pain, without the risks of abuse, misuse and diversion frequently associated with opioids. Lead non-opioid product candidates NTM-001 (pre-mixed bag ketorolac continuous infusion) and NTM-002 (IV patient-controlled analgesia) have the potential to deliver opioid-strength analgesia, which may reduce the need for opioids in clinical settings. These formulations have strong patent protection until 2032.
“People in pain – and the professionals who treat them – deserve pain treatment options that are safer and more effective than those widely available today,” said Scott Shively, president and CEO of Neumentum. “Our executive team has extensive drug development and commercial experience in the pain and neurology space. Securing our A-series round of capital, as well as meeting with the FDA, are key steps forward in our mission to create better options for pain management.”
Neumentum also announced it has requested a Type B meeting with the U.S. Food and Drug Administration (FDA) to discuss the Phase 3 program for NTM-001. This novel injectable analgesic candidate is designed for use in postsurgical acute pain management.
“Postsurgical and other acute pain syndromes can be severe. Evidence suggests that pain, even in the hospital setting, is not always treated effectively,” said Dr. Joseph Pergolizzi, executive chairman of Neumentum. “The role of opioids in pain control has come under great scrutiny and not all patients are suitable candidates for opioid pain relievers. Neumentum is addressing a serious problem with under-treated postsurgical pain by providing a new non-opioid analgesic option. We are excited to create a company that will help to transform the future of pain management.”
According to FDA protocol, Neumentum will be notified within 21 days whether the meeting request will be granted and, if so, can expect to have a meeting scheduled within 60 days.
Injectable ketorolac has been used for more than 30 years. It is the most frequently administered non-opioid intravenous analgesic, with over 60 million doses given to patients with postsurgical pain each year. Ketorolac maintains pain relief at an opioid level, but is currently only available as an intravenous bolus injection. Neumentum plans to offer this proven treatment in novel, stable formulations that have a smooth pharmacokinetic profile over 24 hours when continuously infused.
Addressing a National Health Emergency
Neumentum’s product candidates have the potential to address unmet needs for providers, payers and patients, offering effective pain treatment options without some of the potential disadvantages of opioids. America’s opioid crisis has been declared a national public health emergency.
Over 70 million surgical procedures are performed in the U.S. annually and postsurgical pain is routinely treated with opioid analgesics. Yet opioids are associated with side effects – some severe enough to be treatment limiting – and the potential for misuse and abuse. While diversion of opioids is well publicized in the retail setting, it is also a growing problem in the hospital setting, where theft and illegal transfer have become increasingly prevalent.
Every day more than 1,000 people are treated in emergency rooms for misusing prescription opioids. There were more than 17,000 deaths due to prescription opioid pain relievers in 2015, nearly three times the number of deaths in 1999.
Neumentum’s new drug candidates may provide similar pain control for acute postsurgical pain as opioids, without the associated risks.
Neumentum is developing and plans to commercialize products that effectively treat pain, without the risks of abuse, misuse and diversion seen with opioid analgesics. Neumentum’s lead product candidates, NTM-001 (pre-mixed bag ketorolac continuous infusion) and NTM-002 (IV patient-controlled analgesia) have potential to maintain pain relief at an opioid level, reducing the need for opioids in clinical settings.
For more information about Neumentum, please visit the company’s website at www.neumentum.com.
About Brookline Capital Markets
Brookline Capital Markets, a division of CIM Securities, provides a comprehensive suite of capital markets and advisory services to transformative emerging growth companies, with an emphasis on the life sciences, medical technology and diagnostics sectors. Headquartered in New York City, the firm seeks opportunities to accelerate growth for its client companies while delivering results to its sophisticated investor base. Brookline differentiates itself by its ability to source capital from traditional institutional investors, as well as from its proprietary global network of family office and high net worth investors.