Israel’s NeuroDerm Ltd., announced that it raised $16 million to further the clinical and regulatory development of its Levodopa products, combating Parkinson’s disease.
ND0612L, NeuroDerm’s low dose drug form for moderate stage Parkinson’s patients, has successfully completed Phase I and IIa studies. It is currently undergoing a Phase II double-blind, randomized, placebo-controlled study supported by a grant from The Michael J. Fox Foundation for Parkinson’s Research.
“This round constitutes a vote of trust in the company, its team and its technology, and in the great hope that we bring to Parkinson’s disease patients, ” said Oded Lieberman, PhD, NeuroDerm’s CEO. “The funds we have raised will allow us to proceed with our development plan and bring our products to the market as quickly as possible to make a dramatic change in the lives of Parkinson’s disease patients.”
“Continuous levodopa delivery has been an elusive objective for decades in the treatment of Parkinson’s disease, ” said Eun-Jin Chung, Managing partner of The Elias Group Co., Ltd. “We believe NeuroDerm is poised to become the category leader for symptomatic therapy in advanced Parkinson’s disease and has the potential to transform patients’ lives. We are thrilled to partner with NeuroDerm and help them realize their vision.”
The new investment comes just a few weeks after NeuroDerm announced eligibility for the European Union Centralized Procedure for ND0612H, a Novel Treatment for Advanced Parkinson’s Disease. The European Medicines Agency (EMA) deemed ND0612H, the company’s product candidate which offers continuous delivery of levodopa/carbidopa (LD/CD) treatment for advanced Parkinson’s disease, eligible for a European Union marketing authorization application procedure (“centralized procedure”).
At the time of the announcement Oded Lieberman said, “The eligibility for the centralized procedure in the European Union confirms the innovation underlying ND0612H. It also means that ND0612H will be able to benefit from the more streamlined access to the EU market inherent in this regulatory route. NeuroDerm wishes to bring ND0612H into the market as quickly as possible and make a dramatic change in the lives of Parkinson’s disease patients.”
In May, NeuroDerm announced plans for an IPO.