PleoPharma Secures $36 Million for Cannabis Treatment Advancement
PleoPharma Secures $36 Million for Cannabis Treatment Advancement
Financing led by Biotech Specialist Funds with significant participation from Series A investors.
Funding aimed at supporting the Phase 3 program for patients with Cannabis Use Disorder.
PleoPharma, Inc., a dedicated organization focused on addressing cannabis-related health issues, has successfully closed a $36 million Series B financing round. This substantial funding is pivotal for advancing their lead asset, PP-01, which is currently recognized as the only Fast Track-designated treatment aimed at alleviating cannabis withdrawal symptoms in patients diagnosed with Cannabis Use Disorder. The program is progressing into the critical Phase 3 stage.
According to Ginger Constantine, MD, co-founder and CEO of PleoPharma, government data has highlighted a growing concern with cannabis addiction. A report has indicated that over 20 million individuals in the U.S. are grappling with Cannabis Use Disorder, presenting a significant gap in effective treatment options. "We are thankful for the partnership with our investors who share our mission to provide innovative treatment solutions for those struggling with cannabis addiction and withdrawal," she stated.
SuperVision Partners LLC took the lead on this financing round alongside Castle Hill Capital Partners, Inc., showcasing the strategic partnerships that PleoPharma is cultivating to further its objectives.
Understanding Cannabis Withdrawal and Use Disorder
The U.S. Government's recent analysis suggests that around 20.6 million Americans were afflicted by cannabis use disorder. This is a growing concern, with the number of people seeking treatment for cannabis-related health problems rising by an average of 27% annually over the past few years. Individuals facing cannabis use disorder often experience challenging withdrawal symptoms, for which no FDA-approved treatments currently exist.
Dr. Constantine emphasizes the importance of addressing this issue, stating, "While many people use cannabis responsibly, others develop dependencies that necessitate assistance for cessation. Our mission centers around helping these individuals find the support they need to overcome cannabis withdrawal challenges."
About PP-01
PP-01 represents a groundbreaking investigational product designed to target CB1 receptor suppression and neurotransmitter imbalances in the mesolimbic reward pathway, which is crucial in addiction. As PP-01 transitions into Phase 3 trials, it holds the potential to emerge as the first-in-class treatment designed specifically to mitigate withdrawal symptoms faced by those dealing with cannabis dependence.
The formulation of PP-01 is designed for daily oral intake, promising rapid relief and an excellent safety profile, aligning with patient needs.
About PleoPharma, Inc.
PleoPharma, Inc. stands at the forefront of neuropsych and addiction treatment development, wholly committed to offering effective solutions for those suffering from cannabis dependency and related health concerns. The company's team encompasses a distinguished management group and board of directors, noted for their history of leading successful initiatives resulting in over 50 global product approvals and numerous Investigational New Drug applications.
Stay informed about PleoPharma, Inc. and their innovative approaches to cannabis treatment by visiting their website or connecting with their Investor Relations team for further inquiries.
Frequently Asked Questions
What is the purpose of PleoPharma's Series B financing?
The financing aims to advance the Phase 3 program for their lead asset PP-01, targeting cannabis withdrawal symptoms.
Who led the Series B financing round for PleoPharma?
The financing was led by Biotech Specialist Funds, with significant contributions from Series A investors.
What is PP-01?
PP-01 is an investigational treatment designed to help mitigate withdrawal symptoms in individuals with Cannabis Use Disorder.
How prevalent is Cannabis Use Disorder in the U.S.?
Approximately 20.6 million Americans are reported to have Cannabis Use Disorder, according to government data.
What is the goal of PleoPharma?
PleoPharma aims to develop effective solutions for those dealing with cannabis addiction and related health issues.
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