Novaremed AG, a Basel, Switzerland-based clinical-stage biopharmaceutical company, announced, signed an agreement with GEM Global Yield LLC SCS (GEM), a Luxembourg-based private, alternative investment group for a US $50m capital commitment.
Under the agreement, GEM commits to provide Novaremed with a share subscription facility of up to US $50m for a 36-month term following the public listing of the company’s shares.
Novaremed will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. Concurrent with a public listing of Novaremed shares, the company will issue warrants to GEM to purchase shares of Novaremed.
Subject to the funding becoming available, the proceeds from this financing will be used to progress the clinical development of Novaremed’s lead product, NRD135S.E1, an investigational non-opioid small molecule drug for the treatment of painful diabetic peripheral neuropathy (PDPN).
Novaremed Ltd, a wholly owned subsidiary of Novaremed AG was founded in 2008 in Israel and Novaremed AG was founded in 2017 in Switzerland. Novaremed aims to become a leader in the discovery and development of innovative treatment options for chronic pain and currently is developing NRD.E1.