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The two Basel-based biopharmaceutical companies Strekin and Novaremed have secured fresh capital. This will allow them to drive forward development of their drug candidates. Novaremed is developing a drug to combat Diabetic Neuropathic Pain, while Strekin’s development activities are focused on treating Sudden Sensorineural Hearing Loss.
At the beginning of September, two biopharmaceutical firms from Basel successfully raised fresh capital at the same time. Strekin secured a total of 2.82 million Swiss francs from private investors as part of a Series A financing round, as explained in an accompanying press release. The funding will allow Strekin to conclude its Phase 3 clinical trial investigating its drug STR001 that is currently in progress and prepare for European market authorization. The drug should be used to treat patients who have suffered sudden sensorineural hearing loss (SSNHL), which is an acute loss of hearing caused by damage to the sound-sensing hair cells of the inner ear. The data provided by the current study together with the orphan drug status of STR001 for this disorder may allow Strekin to rapidly gain authorization for the drug in Europe, according to CEO Alexander Bausch.
In its financing round, Novaremed successfully secured funding totaling 2.6 million francs from existing shareholders and new private investors. According to the company’s own information, this brings the total financing raised to 21 million francs. The fresh capital should help to drive forward a Phase 2b study for the company’s development candidate NRD.E1. This drug is aimed at treating patients suffering from Diabetic Neuropathic Pain (DNP). This is nerve damage which often occurs in diabetics. The Phase 2a study has already delivered promising results.
Strekin was founded in 2014 in Basel, where it is also headquartered today. Novaremed was founded in 2007 in Israel, before transferring its headquarters to Basel in 2017.