AngelMD Investor Group Closes Funding in Neumentum, Inc.
SEATTLE, Sept. 20, 2018
SEATTLE, Sept. 20, 2018 /PRNewswire-PRWeb/ -- More than 115 people die from overdosing on opioids each day in the United States. While opioid addiction itself is nothing new, increased opioid prescription rates since the 1990s have only exacerbated the opioid epidemic, which has officially been declared a public health emergency. Neumentum, Inc. is a California-based company that is developing and plans to commercialize products that have the potential to effectively treat pain, without the risks of abuse, misuse and diversion seen with opioid analgesics.
Today, AngelMD is announcing the close of its latest syndicate investing in Neumentum. The company intends to use the capital to accelerate and complete a Phase I pK study and prepare and initiate Phase III clinical trials for its lead product candidate, NTM-001. NTM-001 is a novel, alcohol-free formulation of the non-steroidal anti-inflammatory drug (NSAID) ketorolac in a pre-mixed bag designed for 24-hours of continuous infusion following surgery. It is being evaluated to manage moderately severe acute pain that requires analgesia at the opioid-level, usually in a post-operative setting, potentially reducing the need for opioid pain relievers.
"Neumentum is developing new ways to manage pain without the risk of addiction, misuse or life-threatening side effects seen with opioids. We believe that people in pain deserve alternative treatment options that are more effective and safer than those widely available today," said Scott Shively, co-founder and chief executive officer of Neumentum. "We are proud to have the support of the AngelMD syndicate and are honored to partner with such a prestigious investor platform. The confidence the physicians that comprise the AngelMD syndicate have in our company serves to bolster the potential for what could be the first continuously infused NSAID to be successfully developed for acute post-operative pain in the US."
The Phase I study of NTM-001 is designed to evaluate the pharmacokinetics of NTM-001 continuous infusion compared with ketorolac IV injection every 6 hours. The study will be comprised of 4 cohorts and will enroll 64 subjects at 2 sites.
"As physicians, we're taught to treat the fifth vital sign of pain -- a practice which may have caused the opioid crisis that we're now dealing with," said Syndicate Lead Investor Dr. Suzanne Manzi. "There are no studies that show proven efficacy of opioids for treating chronic pain. Neumentum may have an answer that helps to shift the paradigm of post-operative pain control to a non-opiate solution."
AngelMD is an investment and networking platform connecting innovative medical startups, physicians, investors, and industry partners. Leading physicians from all over the US have joined AngelMD to help source, evaluate and advise companies in biotechnology, medical device, and healthcare technology. For more information, visit http://www.angelmd.co
About Neumentum, Inc.
Neumentum is developing and plans to commercialize products that have the potential to effectively treat pain, without the risks of abuse, misuse and diversion seen with opioid analgesics. Neumentum's lead product candidate, NTM-001 (novel, alcohol-free formulation of ketorolac in a pre-mixed bag for continuous IV infusion), has the potential to treat moderately severe acute pain that requires analgesia at the opioid level for up to 24 hours, usually in a postoperative setting, and to reduce the need for opioids. For more information about Neumentum, please visit the company's website at http://www.neumentum.com