NeuroDerm Secures $16 Million Financing Round
REHOVOT, Israel, August 21, 2014 /PRNewswire/ --
NeuroDerm Ltd., a clinical stage pharmaceutical company developing drugs for central nervous system (CNS) diseases, today announced that it has signed definitive investment agreements for a $16 million financing round led by certain of its existing investors with the participation of new investors, including The Elias Group. The company plans to use the funding to further the clinical and regulatory development of its product pipeline, primarily its continuous delivery Parkinson's disease (PD) levodopa products.
NeuroDerm's product candidates include ND0612H, a high-dose form of liquid levodopa/carbidopa (LD/CD) for patients suffering from severe PD delivered continuously through subcutaneous administration by a belt pump, and ND0612L, a low dose form for moderate stage patients delivered through a similar belt pumpdevice. Both product candidates are designed to significantly reduce motor complications in Parkinson's disease by maintaining steady, therapeutic levodopa plasma levels in a convenient manner, replacing, in severe patients, current treatments that require highly invasive surgery associated with serious side effects. ND0612L is currently undergoing a Phase II double-blind, randomized, placebo-controlled study supported by a grant from The Michael J. Fox Foundation for Parkinson's Research.
"This round constitutes a vote of trust in the company, its team and its technology, and in the great hope that we bring to Parkinson's disease patients," said Oded Lieberman, PhD, NeuroDerm's CEO. "The funds we have raised will allow us to proceed with our development plan and bring our products to the market as quickly as possible to make a dramatic change in the lives of Parkinson's disease patients."
"Continuous levodopa delivery has been an elusive objective for decades in the treatment of Parkinson's disease," said Eun-Jin Chung, Managing partner of The Elias Group Co., Ltd. "We believe NeuroDerm is poised to become the category leader for symptomatic therapy in advanced Parkinson's disease and has the potential to transform patients' lives. We are thrilled to partner with NeuroDerm and help them realize their vision."
About Parkinson's Disease
Parkinson's disease affects approximately 5 million patients worldwide. It is caused by decreasing dopamine signaling in the brain as dopaminergic brain cells die off. Levodopa is the "Gold Standard" therapy for Parkinson's disease and virtually all patients receive it, together with a levodopa degradation inhibitor (usually carbidopa). When administered through the oral route, however, levodopa plasma concentrations undergo sharp fluctuations reaching high peaks and low troughs that contribute to the clinical and motor complications in Parkinson's patients. In advanced Parkinson's disease patients, oral levodopa therapy becomes ineffective, leaving patients with limited treatment options that are highly invasive and/or burdensome such as deep brain stimulation or intra-duodenal LD/CD gel infusion.
Our product candidates, ND0612L and ND0612H, are the first liquid formulations of levodopa and carbidopa to be administered subcutaneously to conveniently achieve steady state levodopa plasma levels. Levodopa and carbidopa are nearly always administered orally and suffer from an unfavorable pharmacokinetic profile associated with this administration route. NeuroDerm's proprietary technology for continuous subcutaneous delivery of liquid levodopa and carbidopa is a novel approach designed to improve the drugs' pharmacokinetic profile and maintain stable, therapeutic levodopa plasma concentrations, thereby significantly ameliorating motor fluctuations and non-motor complications in Parkinson's disease.
NeuroDerm is a clinical-stage pharmaceutical company developing central nervous system (CNS) product candidates that are designed to overcome major deficiencies of current treatments and achieve enhanced clinical efficacy through continuous, controlled administration. In Parkinson's disease, the company has four product candidates in different stages of development which offer a solution for almost every Parkinson's disease patient from the moderate to the very severe stage of the disease. The company has developed a line of LD/CD product candidates administered through small belt pumps that deliver a continuous, controlled dose of LD/CD. The LD/CD line of product candidates includes: ND0612L and ND0612H, delivered subcutaneously, for moderate and for advanced Parkinson's disease patients, respectively, and ND0680 for a subset of severe Parkinson's disease patients whose symptoms have advanced to a more acute stage, requiring even higher doses of LD/CD. In addition NeuroDerm is developing ND0701, a novel subcutaneously delivered apomorphine formulation for patients who suffer from severe Parkinson's disease and who do not respond well to LD/CD. NeuroDerm is headquartered in the Weizmann Science Park, Rehovot, Israel.
Oded S. Lieberman, PhD MBA, CEO
Tel.: +972-8-946 2729
Cell: +1-617-517 6077
U.S. Investor Contact:
Lazar Partners Ltd.
U.S. Media Contact:
Lazar Partners Ltd.
SOURCE NeuroDerm Ltd