NeuroDerm signs definitive investment agreements for $16 million financing round
Published on August 21, 2014 at 8:59 PM
NeuroDerm Ltd., a clinical stage pharmaceutical company developing drugs for central nervous system (CNS) diseases, today announced that it has signed definitive investment agreements for a $16 million financing round led by certain of its existing investors with the participation of new investors, including The Elias Group. The company plans to use the funding to further the clinical and regulatory development of its product pipeline, primarily its continuous delivery Parkinson's disease (PD) levodopa products.
NeuroDerm's product candidates include ND0612H, a high-dose form of liquid levodopa/carbidopa (LD/CD) for patients suffering from severe PD delivered continuously through subcutaneous administration by a belt pump, and ND0612L, a low dose form for moderate stage patients delivered through a similar belt pumpdevice. Both product candidates are designed to significantly reduce motor complications in Parkinson's disease by maintaining steady, therapeutic levodopa plasma levels in a convenient manner, replacing, in severe patients, current treatments that require highly invasive surgery associated with serious side effects. ND0612L is currently undergoing a Phase II double-blind, randomized, placebo-controlled study supported by a grant from The Michael J. Fox Foundation for Parkinson's Research.
"This round constitutes a vote of trust in the company, its team and its technology, and in the great hope that we bring to Parkinson's disease patients," said Oded Lieberman, PhD, NeuroDerm's CEO. "The funds we have raised will allow us to proceed with our development plan and bring our products to the market as quickly as possible to make a dramatic change in the lives of Parkinson's disease patients."
"Continuous levodopa delivery has been an elusive objective for decades in the treatment of Parkinson's disease," said Eun-Jin Chung, Managing partner of The Elias Group Co., Ltd. "We believe NeuroDerm is poised to become the category leader for symptomatic therapy in advanced Parkinson's disease and has the potential to transform patients' lives. We are thrilled to partner with NeuroDerm and help them realize their vision."