Sollis Therapeutics closed a $50 million round to support a pivotal trial of its non-opioid pain-reliever, according to Ohio-based translator NeuroTechnology Innovations Translator.
Deerfield Management led the funding round and was joined by NIT collaborators, including Medtronic (NYSE:MDT), Cardinal Health and Ohio State University.
NIT founded Sollis Therapeutics last year to help facilitate the development and commercialization of novel pain-relief medicines designed for patients with chronic neuropathic pain syndromes. Sollis Therapeutics is evaluating its first candidate, an extended-release analgesic, anti-inflammatory combo, as a therapy for low back and leg pain caused by sciatica.
“This investment advances Sollis’ mission to innovate non-opioid treatments for chronic neuropathic pain syndromes,” CEO Dr. Gregory Fiore said in prepared remarks. “We are excited to initiate our pivotal clinical study and bring to market a transformational treatment for pain caused by sciatica, a condition affecting more than 5 million in the United States for which there is no FDA approved medication.”
“Sollis’ technology has the potential to help prevent the devastating cycle of opioid addition caused by chronic pain and represents the type of game-changing health care innovation we envisioned when Dr. Ali Rezai and I founded NIT,” Kevin Wasserstein, NIT’s CEO, added. “An investment by a firm of Deerfield’s stature is strong validation of NIT’s model of translating scientific innovation into clinical solutions to improve patients’ lives and bring economic growth Ohio.”
