Brixton Biosciences Announces $33M in Series B Funding to Advance Novel Technology for the Treatment of Pain
Brixton Biosciences has announced a successful Series B funding round, raising $33M. The funds will be used to advance their Neural Ice™ platform, a drug-free, injectable nerve block designed to provide long-lasting pain relief for 3-6 months. This funding will support pivotal clinical studies targeting knee pain from osteoarthritis and knee replacement surgery. The round was led by Schooner Capital, with participation from several other investors. The company also announced the appointment of Dr. Michael Fishman as Chief Medical Officer and industry veteran Reggie Groves to the Board of Directors. The Neural Ice™ platform has received Breakthrough Device Designation from the FDA, and early clinical results are promising.
- Raised $33M in Series B funding led by Schooner Capital.
- Neural Ice™ platform targets long-lasting pain relief for 3-6 months.
- Funding supports pivotal clinical studies for knee pain.
- Received Breakthrough Device Designation from the FDA.
- Appointment of Dr. Michael Fishman as Chief Medical Officer.
- Reggie Groves joins the Board of Directors.
- Reliance on funding to commence pivotal clinical trials.
- Clinical efficacy and safety yet to be confirmed in larger trials.
The $33M Series B funding round for Brixton Biosciences is significant for several reasons. First, notable participation from well-known investors like Schooner Capital and SV Health Investors indicates strong confidence in the company’s potential. This backing will also likely attract further investment, enhancing the company's financial stability. The capital infusion will enable Brixton to pursue pivotal clinical studies, a important step towards product commercialization and generating revenue.
From a financial perspective, this funding reduces the company's risk of capital shortages and provides a buffer for unexpected costs associated with regulatory approvals and clinical trials. Investors should, however, remain cautious about the timelines and potential hurdles in getting FDA approval–a common bottleneck in the life sciences sector.
Furthermore, the company's plan to expand its Neural Ice™ platform to multiple pain indications could diversify its product line and reduce reliance on a single therapeutic area, thereby spreading risk. Overall, this news is a solid indicator of Brixton's upward trajectory, but investors should keep an eye on clinical trial outcomes and FDA interactions to gauge future performance.
The announcement of Brixton Biosciences' Series B funding is a game-changer in the field of pain management. Their Neural Ice™ technology, which provides long-acting nerve blocks, presents a significant advancement over current treatments. Traditional pain management methods often involve systemic medications with short durations of relief or complex chronic pain therapies with low patient compliance. Neural Ice™ aims to fill this gap by offering a simpler, more effective solution.
This long-lasting, injectable nerve block could revolutionize how chronic and acute pain are treated, potentially reducing the need for frequent dosing and improving patient quality of life. The involvement of Dr. Michael Fishman, a recognized leader in pain management, adds credibility to the company's clinical strategy.
However, while the technology is promising, it is still in the regulatory phase. The clinical trials will be important in determining the safety and efficacy of Neural Ice™ and any setbacks could affect investor confidence. For now, the initial results are promising, but the path to market approval will be the ultimate test.
The $33M funding round for Brixton Biosciences is a significant development, reflecting strong market confidence in the company’s Neural Ice™ platform. The chronic and acute pain management market is vast and continually growing due to an aging population and the prevalence of conditions like osteoarthritis. Brixton’s innovative approach with their injectable, ultra-long acting nerve block could position them as a major player in this space.
The FDA's Breakthrough Device Designation for Neural Ice™ further underscores its potential impact. This designation can expedite the development and review process, allowing Brixton to potentially reach the market faster. Fast-tracking through regulatory pathways could also attract more investors and partners, keen on getting a share of the pain management market, which is estimated to be worth billions.
However, market entry isn't just about approval; it involves strategic positioning and effective marketing. Given the competitive landscape, Brixton will need to demonstrate clear advantages over existing therapies. The involvement of industry veterans like Reggie Groves on the Board should aid in navigating these challenges and executing a robust go-to-market strategy.
After promising results from first-in-man studies with its novel Neural Ice™ technology, the
The new round of capital will enable the company to immediately pursue two pivotal clinical studies to treat knee pain associated with osteoarthritis as well as knee replacement surgery– and to ultimately expand the applicability of it's Neural Ice™ platform beyond the knee to multiple indications in pain with a simple, ultra-long acting injectable drug-free nerve block. To help realize this vision, Brixton has appointed Dr. Michael Fishman, a Key Opinion Leader in Pain Management, as Chief Medical Officer and Reggie Groves, an industry veteran with a track record of success at Medtronic, to its Board of Directors.
The current benchmark for treating acute pain involves systemic medications and local anesthetics that are easy to use but offer relief for a short duration of time. In contrast, chronic pain therapies can be long-lasting but are often complicated to administer, resulting in a low patient response rate. Brixton's leading solution, its novel Neural Ice™ platform, takes an alternative path by targeting nerves directly and potentially providing pain relief for 3-6 months in a simple, targeted, and familiar injectable.
"We are delighted to welcome our new investors, led by Schooner Capital, as well as all of our existing investors, on our journey to bring to market products that disrupt the way we have traditionally come to think of pain treatment," said Sameer Sabir, Chief Executive Officer of Brixton Biosciences. "As we use the proceeds of this funding to enter into regulatory clinical studies, our goal is to deliver a simple injectable nerve block that lasts for several months, rather than a day or so."
This round of funding follows a recent announcement that Brixton Biosciences' novel Coolio™ Therapy (now Neural Ice™) has received the prestigious Breakthrough Device Designation from the
"Investing behind a proven entrepreneur, strong early clinical results, and profound potential to impact pain management represents a terrific opportunity. We are excited to join a great group of early investors," said Ted Henderson, Managing Partner at Schooner Capital.
"Brixton's objective to offer targeted and long-lasting pain control for months at a time with a well-understood mechanism of action has the potential to become the standard of care," said Dr. Michael Fishman, Chief Medical Officer of Brixton Biosciences and a double board-certified Anesthesiologist and Pain Medicine specialist. "Being able to extend the relief of a nerve block for months as compared to days with traditional numbing medicines will be a significant milestone in the field of regional anesthesia and orthopedics, and will provide patients in need with durable relief."
Brixton's new Chief Medical Officer, Dr. Michael A. Fishman, will drive clinical development and manage the expansion strategy beyond the team's initial indication. He previously served as a Pain Medicine Physician and the Director of Research at the Center for Interventional Pain & Spine. Reggie Groves will sit on Brixton's Board of Directors, bringing both a global perspective and a diverse skill set through her expertise in driving sustainable results in medical devices, pharmaceuticals, and professional services. She previously played a transformative role at Medtronic, where she curated and launched novel technologies. Currently, she serves on the Board for LuxMed Systems, Fulgent Genetics, Inc. (NASDAQ: FLGT), Advanced NanoTherapies, Inc., and Atricure, Inc.
ABOUT BRIXTON BIOSCIENCES
Brixton Biosciences, a spin-out from Massachusetts General Brigham, is a clinical stage life sciences company that develops novel therapies for treating pain. Its leadership team comprises experienced managers and key medical advisors, enabling a patient-centric strategy driven by the best of the best. Backed by deep research, the company addresses crucial unmet needs in the field of pain management, which has historically been dominated by systemic medicine. Brixton Biosciences' innovative therapeutics, such as its novel Neural Ice™, provide pain relief in a single, safe, and easy drug-free injectable that is a non-addictive, locally targeted, and comparatively long-lasting solution.
For media inquiries or further information, please contact:
Joanna.Xylas@brixtonbio.com
VP, Market Development
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SOURCE Brixton Biosciences
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