SiteOne Therapeutics – a biopharmaceutical company developing selective ion channel modulators for treating pain, cough, and other conditions – announced a $100 million Series C financing. Led by Novo Holdings, with participation from OrbiMed, Wellington Management, Mission BioCapital, BSQUARED Capital, and existing investors, this funding will support the advancement of SiteOne’s portfolio of selective, small molecule ion channel modulators for the treatment of sensory hyperexcitability disorders through human clinical proof of concept.
In connection with the funding, SiteOne Therapeutics appointed to its Board of Directors Ken Harrison, Ph.D., Senior Partner at Novo Holdings; Mona Ashiya, Ph.D., Partner at OrbiMed; and Zach Collins, Ph.D., Partner at Mission BioCapital. In addition, Praveen Tipirneni, M.D., most recently CEO of Morphic Therapeutic, has joined the Board as Executive Chairperson, and Martin Edwards, M.D., an experienced life science advisor, has joined as an independent Board member.
SiteOne’s approach is developing selective best-in-class sodium channel inhibitors, including NaV1.7 and NaV1.8. And the company’s lead program for pain targets the NaV1.8 channel, which is primarily located in the peripheral nervous system. It has the potential to provide meaningful analgesia with a reduced side effect profile and risk of abuse compared to the current central nervous system-focused standard of care. Beyond pain, SiteOne is also exploring the potential of sodium channels and other genetically and clinically validated targets to treat pain and sensory hyperexcitability disorders.
KEY QUOTES:
“SiteOne Therapeutics is committed to developing non-opioid treatments for conditions that involve hyperexcitability of the peripheral nervous system such as pain and cough. Our strategy is focused on owning the action potential, the fundamental unit of electrical signaling in the peripheral nervous system. This funding will enable human proof of concept studies on our isoform-selective sodium channel inhibitors and development of other ion channel modulators. SiteOne welcomes Ken Harrison, Mona Ashiya, Zach Collins, Martin Edwards, and Praveen Tipirneni as members of our Board of Directors. Their collective expertise in drug development, commercial strategy, capital markets and business development will be pivotal as we build out our team and advance our small molecule candidates in the clinic.”
– John Mulcahy, Ph.D., President and Chief Executive Officer of SiteOne Therapeutics
“SiteOne Therapeutics’ portfolio of selective ion channel modulators holds immense promise for the non-opioid treatment of pain. SiteOne has built upon years of research on the contribution of ion channels to peripheral nerve excitability, and we are very encouraged by the company’s underlying science and its mission to transform pain management for patients living with chronic pain in the US and around the globe.”
– Ken Harrison, Senior Partner, Novo Holdings
“While many companies are focused on drug discovery for the central nervous system, SiteOne is instead pursuing a pipeline of therapeutics that specifically target the peripheral nervous system. By targeting peripheral sensory neurons directly, SiteOne is positioned to develop complementary, robust treatments for pain and other sensory hyperexcitability disorders without the centrally mediated side effects of existing therapeutics. I am excited to join SiteOne as they continue to develop these important therapeutics for the potential benefit of millions of patients.”
– Praveen Tipirneni
