New York, NY and Columbus,OH /PRNewswire/ - Deerfield Management and Sollis Therapeutics today announced a Deerfield-led investment of up to $50 million in Sollis Therapeutics. The investment will support the development of an innovative non-opioid and non-steroid solution for pain associated with sciatica and other neuropathic pain syndromes. Sollis' treatment is an extended release analgesic administered through a traditional epidural injection procedure.
The total equity financing of up to $50 million was led by Deerfield's commitment of over $40 million and will fund the company through FDA approval. The funding will also support the development of other products in the Sollis pipeline.
"Deerfield's support and partnership is a pivotal step in our development of a non-opioid option for sciatica pain," said Gregory Fiore, MD, CEO of Sollis Therapeutics. "This investment will allow us to bring to market a transformational treatment for sciatica, a condition with more than 5 million sufferers annually in the United States and with no FDA approved medications."
"Sollis' innovative treatment has the potential to provide immediate pain relief and long-term efficacy for millions of patients suffering from sciatica and other neuropathic pain conditions. We are pleased to be partnering with the Sollis team toward the advancement of this innovative technology which will help eliminate the gateway to drug abuse and opioid addiction," stated Andrew ElBardissi, MD, Principal of Deerfield Management.
About Sollis Therapeutics
Sollis Therapeutics is a Columbus Ohio based clinical-stage biotechnology company focused on developing novel non-steroid, non-opioid analgesics. Sollis' first product 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. The product will soon be entering into a pivotal clinical trial at multiple centers throughout the United States.
To learn more about Sollis, please visit www.SollisTX.com.
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com.
SOURCE: Deerfield Management CompanyCopyright 2018 PR Newswire. All Rights Reserved