– SWITZERLAND, Basel – Novaremed AG, a clinical-stage Swiss biopharmaceutical company, today announced an agreement with a Luxembourg-based private, alternative investment group, GEM Global Yield LLC SCS, for a US $50 million capital commitment.
Under the agreement, GEM commits to provide Novaremed with a share subscription facility of up to the US $50 million for a 36-month term following the public listing of the company’s shares. Novaremed will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. Concurrent with a public listing of Novaremed shares, the company will issue warrants to GEM to purchase shares of Novaremed.
Subject to the funding becoming available, the proceeds from this financing will be used to progress the clinical development of Novaremed’s lead product, NRD135S.E1, an investigational non-opioid small molecule drug for the treatment of painful diabetic peripheral neuropathy.
“We are very pleased about this financial arrangement with GEM,” said Executive Chairman, Dr. Isaac Kobrin. “This funding agreement with GEM will help us, upon the company’s public listing, to advance our highly innovative lead product that we are developing for the non-opioid treatment of patients affected by diabetes-related chronic neuropathic pain. The ongoing opioid crisis has increased the high unmet medical need for novel treatments, which can control chronic pain without inducing addiction, dependence and abuse.”
Novaremed Ltd, a wholly-owned subsidiary of Novaremed AG was founded in 2008 in Israel and Novaremed AG was founded in 2017 in Switzerland. Novaremed aims to become a leader in the discovery and development of innovative treatment options for chronic pain and currently is developing NRD.E1, an orally active non-opioid small molecule with a novel mechanism of action for the treatment of PDPN.
For more information: https://www.novaremed.com/
About the GEM Group
Global Emerging Markets is a $3.4 billion, an alternative investment group with operations in Paris, New York, and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 400 transactions in 70 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments.
For more information: https://www.gemny.com/
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.