Spine BioPharma Inc, a biopharmaceutical company committed to developing non-opiate, non-surgical therapies for the treatment of pain and disability from chronic low back pain caused by degenerative disc disease, announces the completion of a $13 million Series B equity financing. Existing investors Viscogliosi Bros LLC, Cercano Management, Pacira Biosciences and others participated in the financing. The company intends to use the financing to support further development of SB-01 For Injection “SB-01” (formerly referred to as Remedisc™), a first-in-class therapeutic for the treatment of degenerative disc disease.
“We are delighted to continue to benefit from the financial support and expertise of our distinguished investor-partners, said Spine BioPharma CEO Marc Viscogliosi, “This Series B financing speaks to their confidence in our company, and it will help drive the research and development of SB-01, a unique therapeutic that offers a potential non-opiate, non-surgical treatment option to chronic low back pain patients.”
SB-01 is a 7-amino acid chain peptide that binds to and induces down regulation of transforming growth factor, beta 1 (TGFβ1), which is often highly expressed in the degenerated discs of patients with lower back pain. Overexpression of TGFβ1 signaling is associated with inflammation and the degradation of extracellular matrix which maintains the structural integrity of healthy spinal discs. TGFβ1 also stimulates the expression of nerve growth factor, leading to an increase in sensory neurons and discogenic pain. SB-01 treatment of a diseased disc antagonizes the overexpression of TGFβ1, which decreases inflammation and supports the production of extracellular matrix, maintaining the structural integrity of the disc, decreasing pain and improving pain related disability.
Intradiscal injection of SB-01 in patients with degenerative disc disease (DDD) was developed as a first-in-class pharmacological approach to treating chronic back pain, while potentially preventing progression of disc degeneration through TGFβ1 modulation.
McDermott, Will & Emery LLP is acting as legal advisor to Spine BioPharma in connection with the transaction.
[Source(s): Spine BioPharma Inc, PR Newswire]