Neuromed raises US$25M for clinical development

Neuromed Pharmaceuticals has raised an additional US$25 million in a series D financing that brings its cumulative venture capital financing to $74 million. The new capital will be used to advance development of its lead compound for the treatment of chronic pain and its second development program for the treatment of anxiety, epilepsy and cardiovascular diseases. Vancouver-based Neuromed is the world's only company with a sole focus on target-specific calcium channel drugs for treating chronic pain. The new financing was provided by several existing investors, including MPM Capital, Neuro Discovery LP, GrowthWorks Capital, BDC Venture Capital, Cogene Biotech Ventures and Royal Bank of Canada. A new investor - James Richardson & Sons Ltd - is also participating. Richardson is one of Canada's oldest and largest private, family-owned companies specializing in late-stage private investments. Neuromed is also changing the name of its Canadian company from Neuromed Technologies Inc to Neuromed Pharmaceuticals Ltd to reflect its evolution from research and discovery to clinical development. Neuromed's previous financing was for $32 million (R$, November 17/03)....