SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--SiteOne Therapeutics, Inc., a biopharmaceutical company developing selective ion channel modulators for the treatment of pain, cough, and other conditions, today announced a $100 million Series C financing. Led by Novo Holdings, with participation from OrbiMed, Wellington Management, Mission BioCapital, BSQUARED Capital, and existing investors, the financing will support the advancement of SiteOne's portfolio of selective, small molecule ion channel modulators for the treatment of sensory hyperexcitability disorders through human clinical proof of concept.
In conjunction with the financing, SiteOne Therapeutics appointed to its Board of Directors: Ken Harrison, Ph.D., Senior Partner at Novo Holdings; Mona Ashiya, Ph.D., Partner at OrbiMed; and Zach Collins, Ph.D., Partner at Mission BioCapital. In addition, Praveen Tipirneni, M.D., most recently CEO of Morphic Therapeutic, has joined the Board as Executive Chairperson, and Martin Edwards, M.D., an experienced life science advisor, has joined as an independent Board member.
“SiteOne Therapeutics is committed to developing non-opioid treatments for conditions that involve hyperexcitability of the peripheral nervous system such as pain and cough. Our strategy is focused on owning the action potential, the fundamental unit of electrical signaling in the peripheral nervous system. This funding will enable human proof of concept studies on our isoform-selective sodium channel inhibitors and development of other ion channel modulators,” commented John Mulcahy, Ph.D., President and Chief Executive Officer of SiteOne Therapeutics. “SiteOne welcomes Ken Harrison, Mona Ashiya, Zach Collins, Martin Edwards, and Praveen Tipirneni as members of our Board of Directors. Their collective expertise in drug development, commercial strategy, capital markets and business development will be pivotal as we build out our team and advance our small molecule candidates in the clinic.”
SiteOne’s approach is grounded in the development of selective best-in-class sodium channel inhibitors, including NaV1.7 and NaV1.8. The company’s lead program for pain targets the NaV1.8 channel, which is primarily located in the peripheral nervous system, and has the potential to provide meaningful analgesia with a reduced side effect profile and risk of abuse compared to current, central nervous system-focused standard-of-care. Beyond pain, SiteOne is exploring the potential of sodium channels and other genetically and clinically validated targets to treat pain and sensory hyperexcitability disorders.
Ken Harrison, Senior Partner, Novo Holdings, stated, “SiteOne Therapeutics’ portfolio of selective ion channel modulators holds immense promise for the non-opioid treatment of pain. SiteOne has built upon years of research on the contribution of ion channels to peripheral nerve excitability, and we are very encouraged by the company’s underlying science and its mission to transform pain management for patients living with chronic pain in the US and around the globe.”
“While many companies are focused on drug discovery for the central nervous system, SiteOne is instead pursuing a pipeline of therapeutics that specifically target the peripheral nervous system,” added Praveen Tipirneni. “By targeting peripheral sensory neurons directly, SiteOne is positioned to develop complementary, robust treatments for pain and other sensory hyperexcitability disorders without the centrally mediated side effects of existing therapeutics. I am excited to join SiteOne as they continue to develop these important therapeutics for the potential benefit of millions of patients.”
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk
About SiteOne Therapeutics
SiteOne Therapeutics is a biopharmaceutical company advancing a novel class of highly selective small molecule inhibitors targeting NaV1.7, NaV1.8, and other voltage-gated ion channels to treat sensory hyperexcitability disorders such as chronic cough, itch, and pain. Since its inception, SiteOne has been dedicated to the development of safe and effective pain therapeutics without the significant addiction potential and side effects of opioids. The company is also advancing additional novel drug candidates that exhibit precise selectivity for individual ion channel subtypes to treat other sensory hyperexcitability disorders such as chronic cough and chronic ocular surface pain. For more information, visit www.siteonetherapeutics.com.
