Neuromed Keeps Raising

Neuromed Pharmaceuticals Ltd., a Vancouver-based developer of pain drugs, said that it has raised US$53.3 million in Series E funding. Return backers include MPM Capital, James Richardson & Sons, Neuro Discovery, GrowthWorks Capital, BDC Venture Capital, CMDF and the Royal Bank of Canada. An earlier report had put the round total at $36 million, with the capital to be used to finance Phase III clinical trials of a new product recently licensed from J&J. Neuromed also recently signed a research collaboration and license agreement with Merck, which included an immediate cash payment of $25 million and up to $450 million in progressive milestone payments.