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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.

“Our strategy is focused on owning the action potential, the fundamental unit of electrical signaling in the peripheral nervous system,” Mulcahy explained.

Expanding Scientific and Strategic Leadership

The funding announcement also highlighted significant changes to SiteOne’s board. Novo Holdings senior partner Ken Harrison, OrbiMed partner Mona Ashiya, and Mission BioCapital partner Zach Collins have joined the board. Praveen Tipirneni, formerly CEO of Morphic Therapeutic, will serve as executive chairperson, while life sciences advisor Martin Edwards joins as an independent board member.

Harrison praised SiteOne's focus on ion channel modulators, saying, “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 U.S. and around the globe.”

Revolutionizing Pain Management

With its focus on selective ion channel modulators, SiteOne aims to address the pressing need for non-opioid pain treatments. The funds will support the exploration of sodium channels and other validated targets to treat sensory hyperexcitability disorders, including chronic pain and cough.

The move aligns with growing demand for safer, more effective pain therapies as public health efforts intensify to combat opioid addiction and its devastating consequences.