Xenome raises soothing $8m for pain treatment trial

Biopharmaceutical company Xenome Limited has completed an $8 million financing round to fund its peptide treatment for pain.

The Queensland-based company drew financing from its two major investors, Queensland BioCapital Fund and GBS Venture Partners.

Read more about Xenome and its peptide technology.

The funds will be put towards the development of the company's lead molecule, Xen2174, as a selective norepinephrine transport inhibitor.

Xen2174 is a synthetic analogue of a venomous peptide produced by cone snails. It has potential applications as a non-opiate pain treatment when delivered as an injection into the spinal canal.

The bulk of the proceeds will fund a phase II, placebo controlled, multi-centre clinical trial of Xen2174 in patients experiencing post-operative pain following a bunionectomy.

Xenome was founded in Brisbane in 2000 to develop pharmacological agents based on peptides produced by the venomous animals of the Great Barrier Reef. The company now also has offices in San Diego, California.

Xenome raised $10 million in early 2010 to fund the clinical development of Xen2174.

Earlier this month, Xenome appointed independent board member Dr Julie Cherrington to the role of chairwoman.