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Euro Ventures - Tuesday, November 24, 2009

Norway's SantoSolve Raises $5.5M for Amputee Pain Reliever

Oslo based SantoSolve AS received a boost with a new $5.5M, injected by Scandinavian VCs Teknoinvest, InnovationsKapital and Investinor. The Norwegian pharmaceutical/biotech company focuses on targeted pain therapeutics using a novel class of active ingredients. The topical analgesic products that it develops are based on non-radioactive strontium as the active substance. Company flagship product 2PX is used for topical administration (applied directly on skin), combining the active ingredient with selected dermal penetration enhancers. Local administration of the product focuses delivery of the active product to subdermal sites of pain and inflammation.

Although the process seems a bit hair-raising, minimum side-effects have been observed in Phase I safety and pharmacology studies. Phase II studies further confirm favorable results, testing the analgesic effects of 2PX alongside placebo controlled trials.

New tests show a strong analgesic effect of 2PX has been proven in patients with chronic, hard-to-treat stump pain that often accompanies major-limb amputation. Additional funding will help SantoSolve advance further into 2PX Phase III trials in both OA and post-amputation pain.

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By Raghuraman R