CORRECTING & REPLACING Neurotechnology Innovations Translator (NIT) Announces Funding of up to $50 Million in Portfolio Compa...
April 20 2018 - 5:36PM
Business Wire
Pioneering therapy to enter US pivotal trial
for treatment of pain from sciatica
Please replace the release with the following corrected version
due to multiple revisions.
The corrected release reads:
NEUROTECHNOLOGY INNOVATIONS TRANSLATOR (NIT)
ANNOUNCES FUNDING OF UP TO $50 MILLION IN PORTFOLIO COMPANY SOLLIS
THERAPEUTICS
Pioneering therapy to enter US pivotal trial
for treatment of pain from sciatica
Neurotechnology Innovations Translator (NIT), an Ohio-based
company focused on advancing the development and commercialization
of innovative neurotechnology solutions, announced the funding of
up to $50 million for its second portfolio company, Sollis
Therapeutics (Sollis). Sollis’ novel therapy is designed to target
the symptoms of low back and leg pain caused by sciatica using a
locally delivered, non-opioid analgesic and anti-inflammatory
medication.
The funding, led by New York firm Deerfield Management,
alongside additional co-investors and financial and operational
support from NIT, follows positive results from prior clinical
studies with the Sollis therapy. Proceeds will be used to initiate
and complete Sollis’ pivotal clinical study at multiple centers
across the United States, submission to the FDA seeking approval
for treatment of sciatica pain, and the development of additional
pipeline products. A copy of the press release issued previously by
Deerfield Management can be found here.
“This investment advances Sollis’ mission to pioneer non-opioid
treatments for chronic neuropathic pain syndromes,” said Gregory
Fiore, MD, CEO of Sollis. “We are excited to initiate our pivotal
clinical study to further this transformational treatment for pain
caused by sciatica, a condition afflicting more than 5 million
people in the United States for which there is no FDA-approved
medication.”
NIT, which partners with entrepreneurs and scientists to invest
in, develop, and commercialize neuroscience companies, founded
Sollis in 2017. Subsequently, NIT has provided capital and
management expertise to develop and facilitate the translation of
Sollis’ technology to further its clinical application, alongside
contributions and support from NIT’s collaborating partners
including Ohio Third Frontier, The Ohio State University,
Medtronic, Cardinal Health, Battelle and Huntington Bank.
“Sollis embodies the type of game-changing health care
innovation we seek to pursue at NIT,” said Kevin Wasserstein, NIT’s
CEO. “We are thrilled to add a partner of the caliber of Deerfield
as a Sollis investor. Their investment provides further validation
for Sollis, as well as for NIT’s unique translational development
model and objectives to drive economic and job growth in the State
of Ohio.”
NIT’s Chief of Science, Ali Rezai, MD added, “Sollis’ highly
innovative technology has the potential to provide a non-opioid
treatment for chronic pain – one of the biggest healthcare
challenges facing our country.”
About Neurotechnology Innovations Translator
Neurotechnology Innovations Translator (NIT) invests in,
develops, and commercializes globally sourced innovations in the
compelling frontier of neuroscience. Leveraging over $160M in total
investment capital and service commitments, a unique
concept-to-clinic development infrastructure, and a seasoned
executive leadership team with specialized expertise in
neuroscience development and commercialization, NIT brings together
the capital, resources, expertise and global network to expedite
the path to market for neurotechnology innovations. NIT, based in
Columbus, OH, is committed to pioneering technologies with the
promise to save and improve patient lives while furthering economic
growth and Ohio’s prominence as a nexus for neuroscience
innovation.
To learn more about NIT, its portfolio companies and how NIT can
catalyze your innovation, please visit
www.NeuroTechTranslator.com.
About Sollis Therapeutics
Sollis Therapeutics, headquartered in Columbus, OH, is a
clinical-stage biotechnology company focused on developing novel
non-steroid, non-opioid analgesics. Sollis’ first product, also
recently awarded a Grant from Ohio Third Frontier’s Opioid
Technology Challenge, is an extended release combination analgesic
and anti-inflammatory medication purpose-built for targeted local
delivery for the treatment of sciatica and other neuropathic pain
syndromes.
To learn more about Sollis, please visit www.SollisTX.com.
About Sciatica
Sciatica, or lumbosacral radiculopathy, causes severe pain in
the lower back, hip and legs. Despite afflicting more than 5
million people in the United States each year, sciatica remains
poorly treated, and without any long-lasting medications or
medications specifically approved by the FDA. Today, patients are
often treated with oral analgesics including highly-addictive
opioid and/or injected steroid medications that may cause severe
side effects. Other patients, with intractable pain not adequately
resolved with pharmaceutical treatment, may pursue more invasive
surgical treatments such as surgical discectomy and spinal
fusions.
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