BLUE BELL, Pa., July 24, 2012 /PRNewswire/ -- Relmada Therapeutics, a clinical-stage company developing novel therapies for the treatment of chronic pain today announced the initial closing of $3 million in gross proceeds in a Series A financing for which Laidlaw & Company (UK) Ltd. is the exclusive placement agent. Noteholders BioAdvance and Ben Franklin Technology Partners of Southeastern Pennsylvania, as well as, equity investor Wonpung Mulsan Co., Ltd, have converted their existing liens into the Series A Convertible Preferred Stock.
The initial Series A proceeds will be used to continue the development of LevoCap, a proprietary once-a-day extended release dosage form of the potent opioid levorphanol in a tamper resistant delivery system and for general corporate activities.
"This impressive response from new investors and existing stakeholders speaks to the potential of our diversified portfolio of drug candidates to address the significant unmet medical need in chronic pain," said Sergio Traversa, CEO of Relmada. "Based on this successful initial offering, we anticipate completing additional formulation development, GMP manufacturing and pharmacokinetic studies required to initiate Phase III studies by mid-2013. The additional funds expected from the on-going Series A financing will be used to further develop our other products: MepiGel, d-methadone and BuTab," added Traversa.
Relmada's lead product, LevoCap is intended to add a new tool to treat chronic pain where non-opioids or other opioids do not provide adequate relief. Unlike most other opioids, levorphanol, the active ingredient in LevoCap modulates pain through both opioid pathways and noradrenergic pathways, thereby providing pain relief through multiple mechanisms in a single molecule. Levorphanol has also been shown to partially reverse analgesic tolerance to morphine and may therefore benefit patients who are tolerant to the analgesic
|SOURCE Relmada Therapeutics, Inc.|
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