Novo Holdings Spearheads $100M Series C Financing for SiteOne Therapeutics to Develop Non-Opioid Pain Therapies

Financing Details:
Novo Holdings led a $100M Series C financing round for SiteOne Therapeutics, with participation from OrbiMed, Wellington Management, Mission BioCapital, BSQUARED Capital, and existing investors14.

Purpose:
The funding will support the advancement of SiteOne's portfolio of selective ion channel modulators for the treatment of acute and chronic pain through human clinical proof of concept15.

Target Mechanism:
SiteOne's lead program targets sodium channel Nav1.8, aiming to provide non-opioid pain treatments with rapid onset of action and minimal drug-drug interactions25.

Market Need:
The pain market is growing due to a significant and urgent medical need, with over 50 million American adults struggling with chronic pain, highlighting the need for safer and more effective treatment options1.

Collaboration:
SiteOne has a partnership with Vertex Pharmaceuticals to develop Nav1.7 inhibitors for pain treatment, with SiteOne responsible for research and preclinical development2.

Broader Strategy:
This investment aligns with Novo Holdings' strategy to invest in innovative pain management solutions, including recent investments in Nalu Medical and Hoba Therapeutics1.

Sources:

1. https://novoholdings.dk/news/novo-holdings-leads-100m-series-c-financing-for-siteone-therapeutics-to-advance-selective-ion-channel-modulators-as-non-opioid-treatments-for-pain

2. https://www.biocentury.com/article/654540/siteone-s-100m-to-bring-non-opioid-pain-therapy-into-the-clinic

4. https://www.law360.com/healthcare-authority/articles/2275527/siteone-gets-100m-to-advance-non-opioid-pain-treatments

5. https://www.insideprecisionmedicine.com/topics/translational-research/potential-action-siteones-100m-series-c-to-advance-non-opioid-pain-drugs/