Nitec secures 24M SwFr funding

Nitec Pharma AG, a Switzerland-based specialty drug company focused on the development and commercialization of innovative medicines and effective treatment solutions for chronic inflammation and pain-related diseases, says that it has closed a 24.0 million-Swiss franc ($22.1 million) financing round led by new investor TVM Capital with participation from a principal investing arm of Deutsche Bank AG, Deutsche Bank AG London, as well as existing investors NGN Capital, Global Life Sciences Venture and Atlas Venture. The drug firm is a spin-out of Germany's Merck KGaA.

The new funds will be used for the development and commercialization of Nitec's most advanced product Lodotra, a novel modified-release formulation of prednisone, for the treatment of rheumatoid arthritis, severe asthma and polymyalgia rheumatica and the development of TruNoc (tarenflurbil), with a potential in neuropathic pain, osteoarthritis and other chronic inflammation and pain-related diseases. The funding may also be used to further expand Nitec's portfolio within its chosen therapeutic fields.