SiteOne Therapeutics Inc., a biopharmaceutical company pioneering non-opioid pain management solutions, announced Wednesday that it has raised $100 million in a Series C funding round. The financing, led by Novo Holdings, aims to accelerate the company’s development of novel ion channel modulators to address pain and sensory hyperexcitability disorders.
Backing From Leading Investors
The Series C round saw participation from prominent investors, including OrbiMed, Wellington Management, Mission BioCapital, BSquared Capital, and existing stakeholders. The funding will enable SiteOne to advance its pipeline of small molecule ion channel modulators through human clinical proof of concept, according to the company’s statement.
“SiteOne Therapeutics is committed to developing non-opioid treatments for conditions that involve hyperexcitability of the peripheral nervous system such as pain and cough,” said SiteOne President and CEO John Mulcahy.
Targeting the NaV1.8 Channel
At the forefront of SiteOne’s innovation is its lead program targeting the NaV1.8 channel, an ion channel predominantly found in the peripheral nervous system. By selectively modulating this channel, the treatment has the potential to offer analgesia—pain relief without impairing consciousness—while reducing risks of abuse and other side effects associated with opioid-based therapies.
