Spinifex Pharmaceuticals, an Australian pain drug development company, has secured a further A$6.25m of venture capital investment from GBS Venture Partners Limited, Brandon Capital Partners Pty Limited, Uniseed Management and UniQuest, adding to the previous A$12m raised from the same syndicate in the first part of its Series B round.
The funding totals A$18.25m ($19m) and will be used in part to expand the Phase 2 clinical trial program for the company’s drug product, EMA401.
Spinifex Pharmaceuticals CEO Tom McCarthy said, “We appreciate the ongoing support of our investors. Their further investment allows us to expand the EMA401 Phase 2 clinical program and also gives us additional flexibility as we plan the further development of this asset.”
Spinifex’s clinical programme is initially focused on neuropathic pain, an area of high unmet medical need, according to the company. The market for neuropathic pain treatments is expected to continue to increase and is projected to reach $6.2bn by 2017.
Brandon Capital Partners makes seed and venture capital investments into emerging businesses in the high-growth life science industry.
Uniseed is a $60m commercialisation fund operating at the Universities of Melbourne, New South Wales and Queensland.
Established by The University of Queensland in 1984, UniQuest is widely recognised as one of Australia’s largest university commercialisation groups. From an intellectual property portfolio of over 1,500 patents it has created over 60 companies.
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