SiteOne Therapeutics raises US $100 million to develop non-opioid pain drugs

USA – SiteOne Therapeutics has successfully completed a US $100 million Series C financing round, which will fund clinical trials for its innovative pain medications that work through mechanisms distinct from opioid analgesics.

The round, led by Novo Holdings, the parent company of Novo Nordisk, builds on previous funding rounds, including a US $15 million Series A in 2014 and a US $15 million Series B in 2017.

The San Francisco-based biotech firm is focusing on the development of small-molecule ion channel modulators, particularly targeting sodium channels NaV1.7 and NaV1.8.

SiteOne’s lead candidate focuses on NaV1.8, positioning it alongside Vertex Pharmaceuticals, which is developing suzetrigine (formerly VX-548), a NaV1.8 inhibitor.

Suzetrigine has already shown promising results for providing rapid pain relief in patients undergoing certain types of surgery, and Vertex has filed for FDA approval with a decision expected by January 30th.

NaV1.8 channels are believed to play a key role in transmitting pain signals from peripheral nerves to the spinal cord.

The development of drugs that target these channels, like SiteOne’s and Vertex’s candidates, aims to provide effective pain relief without the side effects or risk of dependence associated with opioid medications.

This shift is seen as critical in the fight against the opioid epidemic, which has led to a crisis of overdose deaths globally.

John Mulcahy, SiteOne’s CEO, emphasized the company’s commitment to creating non-opioid treatments for conditions that involve the overactivity of the peripheral nervous system, such as pain and cough.

He noted that their NaV1.8 inhibitor could offer significant analgesic benefits with a better side effect profile and a lower risk of abuse compared to existing treatments.

The funding will enable SiteOne to conduct human proof-of-concept studies on its sodium channel inhibitors and to further develop other ion channel modulators.

In the past, non-opioid alternatives for acute pain relief were explored primarily through nerve growth factor inhibitors, but leading companies like Eli Lilly and Regeneron have recently discontinued their programs in this area.

Alongside Novo Holdings, several other investors participated in the Series C round, including OrbiMed, Wellington Management, Mission BioCapital, and BSQUARED Capital.

Additionally, Novo’s Ken Harrison, OrbiMed’s Mona Ashiya, and Mission’s Zach Collins have joined SiteOne’s board.

Former CEO of Morphic Therapeutics, Praveen Tipirnen, has been appointed executive chairman, while Martin Edwards, a life science advisor, will serve as an independent board member.