PharmNovo awarded €17.5M from EIC for innovative pain treatment

PharmNovo, a Swedish clinical-stage pharmaceutical company, has been awarded €17.5 million in blended funding from the European Innovation Council (EIC) Accelerator under the Horizon Europe program. The funding consists of a grant of €2.5 million and equity investments through the EIC Fund of up to €15 million, contingent upon securing equivalent funding from co-investors.

Jesper Vallentin Kjerulff, COO and Project Lead of PharmNovo stated: “This substantial funding will support PharmNovo to advance PN6047 through a Phase IIa proof of concept (PoC) study. Demonstrating efficacy in this study represents a major advance in neuropathic pain treatment, positioning PN6047 as the first-in-class drug in a new category of pain relief medications—delta opioid-biased receptor agonists (DOBRAs).”

The lead drug candidate from PharmNovo, PN6047, offers a novel approach for treating neuropathic pain. Unlike conventional opioid drugs, PN6047 is a highly selective delta opioid receptor agonist (DORA) with a unique molecular structure that activates the G protein signaling pathway while avoiding unwanted side effects such as analgesic tolerance and proconvulsant activity.

Per von Mentzer, CEO of PharmNovo, remarked: “Securing the maximum funding available under the EIC Accelerator program highlights the innovative potential of PN6047. We are deeply thankful for GAEU Consulting’s professional assistance. Their expertise was invaluable and we highly recommend GAEU Consulting as a trusted advisor for the EIC Accelerator programme. The support from Horizon Europe will be crucial in advancing our clinical trials and bringing this much-needed pain relief solution to patients. This award, together with new upcoming investors, positions PN6047 as a potential pivotal treatment in neuropathic pain, ready to advance to the next stages of development.”

Tomasz Wąsik, MBA, CEO of GAEU Consulting Horizon Europe Centre of Excellence, stated: “We at GAEU Consulting are honored to assist PharmNovo in this groundbreaking project. Securing any funding in this program is highly challenging, and being awarded the maximum amount is a significant achievement that required extensive effort from our clinical, financial, and market experts.”