-- Supports clinical advancement of lead candidate, Remedisc, for degenerative disc disease --
PARSIPPANY, N.J., April 20, 2021 (GLOBE NEWSWIRE) -- Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, today announced a $3 million investment in Spine BioPharma in the form of a convertible note. The investment will support the advancement of Spine BioPharma’s lead candidate, Remedisc™, a first-in-class therapeutic for the treatment of degenerative disc disease. Pacira will make an additional $7 million investment predicated upon Spine BioPharma achieving certain prespecified milestones.
“We are excited to support Spine BioPharma as they share our commitment to offering patients non-opioid pain relief. We are particularly interested in this regenerative medicine as it has the potential to address the underlying cause of degenerative disc disease and avoid more invasive procedures or surgical intervention,” said Ron Ellis, DO, senior vice president of corporate strategy and business development at Pacira BioSciences. “Importantly, this investment advances our mission to address unmet needs that improve the patient experience with a diversified portfolio of novel non-opioid and regenerative health solutions along the neural pain pathway.”
Remedisc is a 7-amino acid chain peptide that binds to and induces down regulation of transforming growth factor, beta 1 (TGFβ1), which is often highly expressed in the degenerated discs of patients with lower back pain. Abnormal TGFβ1 signaling is associated with the degradation of extracellular matrix components that maintain the structural integrity of healthy spinal discs. TGFβ1 is also reported to stimulate the expression of nerve growth factor leading to an increase in sensory neurons and discogenic pain. Intradiscal injection of Remedisc in patients with degenerative disc disease was developed as a first-in-class regenerative approach to treating chronic back pain and preventing progression of disc degeneration through TGFβ1 modulation.
Spine BioPharma expects to file an Investigational New Drug Application with the U.S. Food and Drug Administration seeking approval of a Phase 2/3 multicenter, randomized controlled study of Remedisc later this year.
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