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Neuromed Loses and Gains

Neuromed Pharmaceuticals Ltd. and Merck & Co. Ltd. (NYSE: MRK) said yesterday that they are discontinuing a research collaboration and license agreement focused on novel compounds for the treatment of pain and other neurological disorders. The deal had included an immediate cash payment of $25 million, plus up to $450 million in progressive milestone payments. In a statement, the companies said that the lead candidate “does not demonstrate the ideal pharmaceutical characteristics considered necessary to advance the compound further in development.” In other Neuromed news, VentureWire reports that the company has raised $36 million in Series E funding to finance Phase III clinical trials of a new product recently licensed from J&J. This brings the Vancouver-based company's total VC funding to around $126 million, from firms like GrowthWorks, RBC Capital Partners, MPM Capital, Kinetic Capital Partners, MDS Health Ventures, NDI Capital, Cogene Ventures and BDC Venture Capital.