Skip to main content

Novaremed secures US$50 million

| News

Novaremed secures US$50 million


Basel biotech Novaremed is receiving US$50 million through an agreement with an investment group. Novaremed will use this financing to progress the clinical development of its treatment for painful diabetic peripheral neuropathy.

The Luxembourg-based investment group GEM Global Yield has committed to provide Novaremed with up to US$50 million over a 36-month term. In return, GEM will have the right to purchase shares of Novaremed following the public listing of the company, as was explained in a press release from the Basel biotech. Novaremed will control the timing and maximum amount of drawdown under this share subscription facility.

“This funding agreement with GEM will help us, upon the company’s public listing, to advance our highly innovative lead product that we are developing for the non-opioid treatment of patients affected by diabetes-related chronic neuropathic pain,” said Isaac Kobrin, Executive Chairman of the Board of Novaremed, in the press release. His company was founded in Israel in 2008 and set up in Basel at the end of 2017. Basel Area Business & Innovation, the investment and innovation promotion agency, supported Novaremed in making the move.

Novaremed’s lead product, NRD135S.E1, is an investigational non-opioid small molecule drug for the treatment of painful diabetic peripheral neuropathy. Patients suffering from this experience a painful burning or tingling sensation in areas such as the hands or feet and lower legs. This debilitating neuropathic pain substantially impairs quality of life. Given the ongoing opioid crisis with addiction to pain medication a growing problem, the non-opioid drug developed by Novaremed is a novel alternative treatment.

GEM’s investment represents the largest funding round for a Swiss startup this January, as was reported in a press release on the platform about the latest Swiss Venture Capital Report. Startups from the Basel Area also received the most financing of all regions.

Share this article

Sign up to receive our newsletter in your inbox.

You may also be interested in

The power of a persuasive pitch deck

Are you an entrepreneur striving to secure investment for your biotech startup? Start with an effective pitch deck to catch...
Read More

Roche investing an additional 1.2 billion Swiss francs in Basel

Roche will be putting an additional 1.2 billion Swiss francs towards the renovation of its site in Basel. This investment...
Read More

Nouscom secures 67.5 million euros in financing

Biotech company Nouscom has raised 67.5 million euros in a series C financing round. The Basel-based firm intends to use...
Read More

Celebrating six months of innovation: i4Challenge accelerator New Ideas 2022/2023

On the 5th of July 2023, the 3rd iteration of the i4Challenge accelerator program New Ideas came to its conclusion....
Read More

How open innovation in healthtech hubs is fueling the rise of digital healthcare

How the ever-increasing uptake of digital solutions is enhancing patient engagement, increasing access to care and lowering the cost of...
Read More

How to access the U.S. market with your medical device

In one of our latest Venture Mentoring events by Basel Are Business & Innovation, we invited Nila-Pia Rähle to speak...
Read More

Do you have a question? We'd like to hear from you.