Palo Alto, Calif.-based pharma company Neumentum said today that it raised $6 million in a Series A round through the sale of convertible preferred stock.
The company plans to use its newly-acquired funds to advance two non-opioid drug products designed for pain management.
“People in pain – and the professionals who treat them – deserve pain treatment options that are safer and more effective than those widely available today,” president & CEO Scott Shively said in prepared remarks. “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’s lead product candidates include NTM-001, a pre-mixed ketorolac formulation for continuous infusion, and NTM-002, an intravenous patient-controlled analgesia.
The company said it has requested a meeting with the FDA to discuss the Phase III program of NTM-001, a product which it hopes to bring to the post-surgical acute pain management market.
“Postsurgical and other acute pain syndromes can be severe. Evidence suggests that pain, even in the hospital setting, is not always treated effectively,” executive chairman Dr. Joseph Pergolizzi added. “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.”
Injectable ketorolac is frequently administered to patients with postsurgical pain, but it is only available as an intravenous bolus injection, according to Neumentum. The company reported that its ketorolac formulation maintains a smooth pharmacokinetic profile over 24 hours when continuously infused.