SAN FRANCISCO, Jan. 10, 2017 /PRNewswire/ -- Adynxx, developer of a first-in-class platform of therapeutics for the prevention and resolution of chronic pain, today announced that the company raised $16 million in a Series B financing round led by new investor TPG Biotech, with participation from existing investor Domain Associates. In conjunction with the financing, Heath Lukatch, Ph.D., Partner and Managing Director at TPG Biotech, joined the company's Board of Directors.
Proceeds from the financing will be used to fund the continued development of the company's lead program, AYX1 for the reduction of acute pain and prevention of chronic pain following surgery. In prior studies, AYX1 demonstrated a statistically significant and clinically meaningful reduction in pain with walking from day 7 to 28 compared to placebo, the primary post-discharge endpoint. The treatment effect was sustained throughout the 42-day study period, highlighting the unique pain-modifying properties of AYX1.
"We believe AYX1 has the potential to transform the treatment of post-surgical pain and be the first drug to prevent chronic pain following surgery. This financing positions the Adynxx team to further demonstrate the transformative therapeutic benefits of AYX1 and ready the compound for Phase 3," said Dennis Podlesak, Chairman of the Adynxx Board of Directors. "In addition, we are delighted to be working with TPG in building Adynxx and to have Heath join the Board of Directors."
Added Dr. Lukatch, "chronic pain following surgery is poorly treated by current therapeutics, including potentially addictive opioids, and represents a vast unmet medical need with serious individual and societal consequences. We are very pleased to be leading this round and to join Domain Associates in the continued development of AYX1 to fundamentally alter the treatment of post-surgical pain."
Adynxx, located in San Francisco, California, is a clinical-stage pharmaceutical company developing a transformative technology platform addressing pain at its molecular roots – preventing the development of pain following surgery and resolving established chronic pain conditions. Adynxx's unique approach is to transform pain management by approaching pain as a disease rather than a symptom.
Adynxx's lead compound, AYX1, is an investigational drug designed to reduce acute post-surgical pain and prevent the transition to persistent or chronic pain with a single administration at the time of surgery. Adynxx has successfully completed a safety Phase 1 and two proof-of-concept Phase 2 clinical studies of AYX1. Additional AYX drug candidate compounds designed to address a range of intractable neuropathic and inflammatory pain syndromes are also in active development.
About Domain Associates
Founded in 1985, Domain was one of the first venture capital firms to exclusively invest in the life sciences sector. Domain has been involved in the formation of more than 260 companies. Today, with more than $2.7 billion in capital raised, Domain is a proven healthcare venture capital leader with solid investment returns from companies built to advance human health.
About TPG Biotech
TPG Biotech is TPG's life science venture capital platform. With $1.2 billion in assets currently under management, TPG Biotech focuses on subsectors such as therapeutics, medical devices, and healthcare services. The TPG Biotech team, which includes experienced investors, physicians, scientists, and technical experts, partners with innovative companies and talented entrepreneurs to expand and create new businesses. Since 2002, TPG Biotech has invested in more than 50 life science businesses.
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