Relmada Therapeutics, a Blue Bell, PA-based clinical-stage company developing novel therapies for the treatment of chronic pain today, has raised $3m in an initial close of its Series A financing.
Noteholders BioAdvance and Ben Franklin Technology Partners of Southeastern Pennsylvania, as well as, equity investor Wonpung Mulsan Co., Ltd, have converted their existing liens into the Series A Convertible Preferred Stock.
Led by Sergio Traversa, CEO, Najib Babul, PharmD, President and CSO, and Danny Kao, PhD, JD, Consulting Senior Vice President, Pharmaceutical Development, Relmada is advancing LevoCap, a new tool to treat chronic pain where non-opioids or other opioids do not provide adequate relief. It is a once-a-day extended release dosage form of the potent opioid levorphanol in a tamper resistant delivery system and for general corporate activities.
The company intends to use the capital to continue the development of LevoCap.