Investment round completed
Nitec Pharma AG, which is developing treatments for chronic inflammation and pain, closed a CHF 24 million (about €16.5) round led by new investor TVM Capital with participation from Deutsche Bank AG. Existing investors NGN Capital, Global Life Sciences Venture and Atlas Venture followed on.
The new funds will be used for the development and commercialisation of Basel, Switzerland, based Nitec’s most advanced product Lodotra for the treatment of rheumatoid arthritis, severe asthma and polymyalgia rheumatica and the development of TruNoc, for neuropathic pain, osteoarthritis and other chronic inflammation and pain-related diseases. The funding may also be used to further expand Nitec’s portfolio.
Anders Härfstrand, CEO said, “The new financing demonstrates the strong belief in our pipeline, our management team and in our future success. The proceeds give us the financial flexibility to further work on and expand our pipeline and to bring Lodotra to the market.”
Hubert Birner, General Partner of TVM said, “We are investing in Nitec at an exciting stage of the company’s development. Reducing pro-inflammatory cytokine interleukin-6 levels in accordance with the human body’s own circadian rhythm is a highly interesting concept that has been proven with Nitec’s first product candidate Lodotra in Rheumatoid Arthritis.” Birner is joining Nitec Pharma’s Board.
Lodotra, a circadian cytokine modulator, successfully completed a European Phase III trial in rheumatoid arthritis in 2006, and Nitec has filed for marketing approval.
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