NeuroMed takes top spot with US$32M financing round

NeuroMed Technologies Inc has scored the largest private biotech financing in Canada this year, raising US$32 million for development of its next-generation chronic pain drugs. Proceeds will be used to move the Vancouver-based company’s lead compound to completion of Phase II clinical trials, and to fund further development of its preclinical pipeline. Investors in the series C round, led by MPM Capital, included Neuro Discovery LP, TriFund Capital Ltd, and Cogene Biotech Ventures as well as many of NeuroMed’s original investors. Prescribed pain management is one the largest pharmaceutical markets in the world. With an annual growth rate of 10%, it is forecast to reach $29.8 billion by 2008….