Venture Capital News: SiteOne Therapeutics Secures Investment
BOZEMAN, MT, SiteOne Therapeutics today announced the completion of an investment by Next Frontier Capital.
SiteOne Therapeutics Inc. today announced the completion of an investment by Next Frontier Capital, a newly created venture fund in Bozeman, Montana with a focus on local technology-based companies. Joining Next Frontier are 2M Companies Inc. and all of SiteOne's current investors, including Sears Capital Management, Biobrit LLC, Mission Bay Capital and Z Investments. This investment further reflects SiteOne's expanded presence in Bozeman, Montana as the company continues to advance its platform of non-opioid therapeutics for acute and chronic pain. In conjunction with the financing, Will Price, founder and managing partner of Next Frontier Capital, will join SiteOne's board of directors.
'SiteOne's NaV1.7 platform represents a significant breakthrough in non-opioid pain drug development,' said Will Price. 'Given the experienced management team and strong investor syndicate, the company is poised to make a major advancement in new pain therapies and a significant contribution to the growth of Montana's emerging biotech industry.'
Stan E. Abel, chief executive officer of SiteOne, added, 'We are excited to have Next Frontier and 2M join the SiteOne family and look forward to working with them as we continue to make progress with our development programs and expand the organization in Bozeman.'
SiteOne's lead program is an oral, highly selective inhibitor of voltage-gated sodium ion channel, NaV1.7, for the treatment of moderate to severe pain, representing a potentially safer and more effective treatment option to replace oral opioid analgesics. Because of the growing problems of overuse and abuse of current oral opioid analgesics, there is a significant unmet medical need for an effective non-addictive treatment for pain. NaV1.7 plays a critical role in the generation and conduction of pain signals and represents a potentially transformative approach to treating pain with non-opioid pain therapies.
About SiteOne Therapeutics
SiteOne Therapeutics, headquartered in Bozeman, Montana, was founded with technology invented at Stanford University that represents a potential revolutionary advancement in the treatment of acute and chronic pain. The company's therapeutic candidates are highly selective sodium ion channel 1.7 (NaV1.7) inhibitors based on naturally occurring small molecules. Given the critical role NaV1.7 plays in the generation and conduction of pain signals, combined with the urgent need for new, non-opioid pain therapies, SiteOne is focused on advancing its lead product for the treatment of moderate to severe pain. Additional opportunities with the company's technology include long-acting analgesics, PET imaging diagnostics for pain and other pain indications. SiteOne owns worldwide development and commercialization rights to its development programs through an exclusive license from Stanford University.
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