University Of Queensland Spinoff Attracts US$45 Million

Spinifex Pharmaceuticals will use the investment to run clinical trials for EMA401, an oral treatment for pain that has been shown not to have central nervous system side effects.

AsianScientist (Apr. 15, 2014) – An Australian company developing a chronic pain treatment based on research at the University of Queensland (UQ) has attracted US$45 million to advance development of the drug, EMA401.

The deal represents one of Australia’s largest off-market investments in a private biotechnology company.

Spinifex Pharmaceuticals Pty Ltd, which was founded in 2005 by UQ’s main commercialization company UniQuest, has attracted Series C financing from a syndicate of investors, including Danish venture capital firm Novo A/S and US-based investors Canaan Partners.

EMA401 is based on research led by Professor Maree Smith from UQ’s Faculty of Medicine and Biomedical Sciences.

The funds will be used to progress clinical trials of EMA401 as an oral treatment for neuropathic and inflammatory pain, without central nervous system side effects.

Neuropathic pain (a type of nerve pain) affects more than 1.5 million people worldwide. Neuropathic pain and inflammatory pain are most commonly associated with cancer chemotherapy, post-herpetic neuralgia (a painful condition that develops in some patients following shingles), diabetes, peripheral nerve injury and osteoarthritis.

Spinifex CEO Tom McCarthy said the investment validated the company’s world-class drug development capabilities.

“We look forward to rapidly advancing our clinical program and ultimately to bringing a much-needed treatment option to patients with chronic pain,” he said.

Existing investors GBS Venture Partners, Brandon Capital Partners, Uniseed and UniQuest also participated in the investment round.

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Source: University of Queensland; Photo: Metro Centric/Flickr/CC.

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