Concentric Analgesics Secures $76 Million Series B Financing to Advance Non-Opioid Pain Therapies

VCBeat (WeChat Official Account: vcbeat) has learned that on May 20 local time, Concentric Analgesics, a biopharmaceutical company focused on the research, development, and manufacturing of non-opioid analgesics, announced the completion of a $76 million Series B financing round. The round was led by existing investor Oracle Investment Management, with participation from new investors Venrock Healthcare Capital Partners, Cowen Healthcare Investments, and Kern Whelan Capital.

Since its establishment in 2014, Concentric Analgesics has completed two rounds of financing. The first round took place on August 17, 2016, with an amount of $6 million.

A portion of this financing will be allocated to the development of CA-008, a non-opioid therapeutic for postoperative pain that provides sustained analgesia following a single local administration. The drug has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA). The remainder of the funding will support the development of TRPV1, a drug candidate for the treatment of chronic pain and osteoarthritis.

Opioids are psychoactive substances derived from poppies or synthetically produced agents with similar effects, such as morphine, heroin, tramadol, oxycodone, and methadone. Opioid use can lead to drug dependence, characterized by an intense craving for opioids. Dependence on prescription opioids primarily includes iatrogenic dependence arising from the treatment of chronic pain. Currently, amid growing concerns about the addictive potential of opioid analgesics, an increasing number of companies are dedicated to developing effective, non-addictive, non-opioid therapeutic alternatives.

“This financing is a significant milestone, marking the entry of CA-008 into late-stage clinical development,” said Frank Bellizzi, CEO of Concentric Analgesics. “We have received strong support from top-tier healthcare investors who share our vision of meeting patients’ needs through the development of non-opioid pain therapeutics.”

“Concentric Analgesics is establishing a new standard for medications in the treatment of acute and chronic pain,” said Larry Feinberg, President of Oracle Investment Management. “We look forward to collaborating with the Concentric Analgesics team to bring these therapeutic agents to market.”

Oracle Investment Management is a research-driven investment management firm focused on the global healthcare and biosciences industries. The company was founded by Larry N. Feinberg in 1993. Feinberg is a leading investor and securities analyst in the healthcare industry.

Venrock Healthcare Capital Partners is a venture capital firm focused on the technology and healthcare sectors.

Cowen Healthcare Investments is a boutique investment bank focused on the healthcare sector, investing in promising healthcare technology companies by leveraging global resources.

Kern Whelan Capital is an investment management firm that manages a diversified portfolio. The firm makes only a select number of investments each year and partners with strong management teams for the long term. Kern Whelan Capital does not participate in the day-to-day operations of its portfolio companies and typically realizes returns through mergers and acquisitions (M&A) and initial public offerings (IPOs).

(Compiled by Zhang Yujie)