1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support the innovation and growth of small and medium-sized enterprises (SMEs) and startups, particularly those engaged in groundbreaking technologies and deep-tech solutions. The program focuses on high-risk, high-potential companies that are developing innovative products, services, or processes that could significantly impact their respective markets.
Funding Structure
The EIC Accelerator offers two types of funding: grants and equity. The grant component can reach up to €2.5 million, aimed primarily at financing the early-stage development of projects. This fund is intended to cover costs related to product development, prototyping, and market entry strategies.
In terms of equity investment, the EIC Accelerator can provide up to €15 million until 2024 and will subsequently offer up to €10 million from 2025 onward. This equity component is crucial as it allows companies to scale their operations and bring their innovative solutions to market without incurring significant debt.
Purpose in the DeepTech and Startup Ecosystem
The EIC Accelerator plays a pivotal role in fostering the European deep-tech and startup ecosystem. By providing substantial financial support, the program enables companies to mitigate risks associated with innovation. It encourages entrepreneurs to pursue ambitious projects that can drive technological advancements and contribute to economic growth. Additionally, the EIC Accelerator aims to bridge the funding gap that often exists for deep-tech startups, which may struggle to attract private investment due to perceived risks.
Role in Scaling Companies
A key objective of the EIC Accelerator is to help companies scale effectively and attract sufficient funding from private sectors. The program enhances the credibility of recipient companies, making them more attractive to investors. By providing both grant funding and equity investment, the EIC Accelerator not only supports initial development but also prepares companies for future investment rounds, thus facilitating sustainable growth and market presence.
PharmNovo AB and the PN6047-DOBRA Project
Company Overview:
PharmNovo AB, based in Sweden, is at the forefront of developing innovative treatments for unmet medical needs. The company's latest project, PN6047-DOBRA, aims to revolutionize the treatment landscape for neuropathic pain—a condition that affects millions of individuals worldwide.
Project Details: PN6047-DOBRA
The PN6047-DOBRA project, which received EIC Accelerator funding, focuses on PN6047, a breakthrough treatment specifically targeting neuropathic pain. This condition arises from damage to the nerves and can lead to chronic pain that is often difficult to manage with conventional therapies.
Technology Background:
Neuropathic pain is typically resistant to standard analgesics, requiring novel therapeutic approaches. PN6047 is based on a unique mechanism of action that targets specific pathways involved in pain signaling. This innovative therapy aims to modulate the nervous system's response to pain, offering a potentially more effective solution than existing treatments.
PharmNovo’s approach involves a combination of pharmacological and molecular techniques to develop PN6047, which shows promise in preclinical studies for significantly reducing pain while minimizing side effects often associated with traditional pain medications. The project not only seeks to provide a new option for patients but also aims to improve the overall quality of life for those suffering from chronic pain.
Conclusion
The EIC Accelerator program serves as a critical mechanism for supporting innovative companies like PharmNovo AB, enabling them to transform their groundbreaking ideas into viable market solutions. With the financial backing and strategic guidance provided through the program, PharmNovo is positioned to make significant strides in the treatment of neuropathic pain with its PN6047-DOBRA project, potentially changing the lives of countless patients suffering from this debilitating condition.
2 The Funding Rounds
PharmNovo AB: Financing and Funding Events Since EIC Accelerator Award
PharmNovo AB, based in Sweden, has been active in raising capital through multiple funding rounds and was notably awarded substantial support from the European Innovation Council (EIC) Accelerator program following their successful Step 2 application on March 13, 2024.
Financing Raised and Funding Rounds
EIC Accelerator Blended Funding (July 2024)
- Total Amount: €17.5 million
- Breakdown: €2.5 million non-dilutive grant; up to €15 million equity investment (the equity portion is contingent on matching investments from co-investors)
- Purpose: To fund a Phase IIa proof-of-concept clinical trial for PN6047, targeting neuropathic pain
- Timing: Publicly announced July 16–17, 2024
- Significance: PharmNovo was one of only 68 startups selected out of 969 applicants to receive this highly competitive blended finance package.
Convertible Debenture Round (January 2024)
- Amount Raised: SEK 23.1 million (~€2 million at early-2024 exchange rates)
- Investors:
- Sciety and Sciety Venture Partners
- Karolinska Development AB
- Almi Invest AB
- Purpose: To advance development of the lead candidate PN6047 towards clinical trials.
Equity Round Led by Sciety AB (June 2022)
- Total Amount Raised: SEK 67 million (~€6.3 million at mid-2022 exchange rates)
- Karolinska Development invested SEK 20 million for a reported stake of approximately 13.7%
- Other participants: Polynom Investment Ab (new), Almi Invest AB, returning investors including Sciety AB.
Timing & Details of Major Rounds
| Date | Type | Amount | Investors |
|---|---|---|---|
| June/July ’24 | EIC Grant + Equity† | €17.5M (€2.5M grant + up to €15M equity) | European Innovation Council (+ future co-investors for equity match) |
| Jan ’24 | Convertible Debenture | SEK 23.1M | Sciety & Sciety Venture Partners; Karolinska Development; Almi Invest |
| June ’22 | Equity | SEK 67M | Led by Sciety; Karolinska Dev.; Polynom Investment Ab; Almi Invest |
Announced July but result stems from March call. †Equity investment is contingent upon matched private co-investment.
Investor Information
PharmNovo’s recurrent investors include:
- Sciety and its venture partner network
- Karolinska Development AB (notably also a portfolio company)
- Almi Invest
The EIC Fund will potentially become an investor if PharmNovo secures matching private investment for the full blended finance offer.
Company Valuation Data
Publicly disclosed valuations are limited: In June 2022, Karolinska Development acquired a 13.7% stake via a SEK 20m investment during a round that raised total SEK 67m—this implies an approximate post-money valuation near SEK 146m at that time (€14m). No updated public valuation figures are available since then. The subsequent financing events suggest upward trajectory but no explicit valuation is disclosed.
Exit Events: IPOs or Acquisitions
As of May 6, 2025: No initial public offering or acquisition event has occurred for PharmNovo. The company explicitly signals that its likely exit strategy is acquisition by “a larger global pharmaceutical company,” anticipated after successful results from the ongoing Phase II study for PN6047 targeting neuropathic pain relief—a market with considerable unmet need.
Summary Table: Key Recent Financings
| Year/Month | Round Type | Amount | Lead Investors / Notes |
|---|---|---|---|
| Jul 2024 | EIC Blended Finance EUR 17.5M (€2.5M grant + up to €15M conditional equity) EIC Fund; requires private coinvestment match | ||
| Jan 2024 Convertibles SKR 23.1M (~EUR 2M) Sciety/Sciety Venture Partners; KDAB; Almi Invest | |||
| Jun 2022 Equity SKR 67 M (~EUR ~6 M then) Led by Sciety AB with KDAB/Polynom Inv./Almi invest |
</em>Announced July ‘24 covering outcome of March ‘24 call.
Conclusion
Since submitting its winning EIC Accelerator proposal in March 13, 2024, PharmNovo has secured significant new financing—a blend of non-dilutive grants and prospective equity—from both EU innovation funds as well as Swedish life sciences investors via convertible instruments and traditional equities over previous years. A major company exit such as IPO or buyout has not yet occurred as the business focuses on advancing clinical milestones expected to drive strategic acquisition interest after further trial success.
Sources:
– PharmNovo – Official Announcement – €17.5m blended funding
– Cision News Release – PharmNovo awarded blended funding
– Sciety press release – Convertible debenture round Jan’24
– MarketScreener – June’22 round details
– For Investors – Exit strategy statement
3 The Press Releases
PharmNovo Secures €17.5M EIC Accelerator Funding for Breakthrough Neuropathic Pain Treatment Swedish biopharmaceutical company PharmNovo AB has been awarded €2.5 million in grants and up to €15 million in equity investments through the European Innovation Council (EIC) Accelerator’s March 2024 funding round. The blended financing will advance its lead candidate, PN6047, a delta opioid receptor agonist (DORA), into Phase IIa clinical trials for neuropathic pain.Key Developments
- Clinical Progress: PN6047 is designed to activate the G protein pathway selectively, avoiding tolerance and proconvulsant effects linked to traditional opioids. Preclinical data show efficacy in nerve pain models without severe side effects observed in early human trials involving 72 participants. Phase IIa trials are slated for Q3 2025 across European sites.
- Team Expertise: PharmNovo’s leadership includes veterans like Dr. Bengt von Mentzer (founder, ex-AstraZeneca), Prof. David Kendall (CSO), and Jesper Kjerulff (COO). Collaborators include pain researchers from Imperial College London and regulatory experts advising on trial design.
- Strategic Goals: The EIC funding accelerates proof-of-concept studies to position PN6047 as a first-in-class therapy under the newly defined category of delta opioid-biased receptor agonists (DOBRAs).
Technology Differentiation
Unlike conventional opioids targeting mu receptors, PN6047’s delta selectivity aims to reduce addiction risks while maintaining analgesic efficacy—a critical advancement amid global opioid misuse concerns. Its molecular structure avoids beta-arrestin recruitment, a pathway associated with adverse effects.Sources
- 17.5 MEUR blended funding from EIC - PharmNovo
- PharmNovo awarded blended funding of €17.5M from EIC
-
4 The Technology Advancements
PharmNovo AB Advances Neuropathic Pain Treatment Following EIC Accelerator Funding Swedish pharmaceutical company PharmNovo AB has made significant progress with its lead drug candidate PN6047, a selective delta-opioid receptor agonist (DORA" class="inline-link" target="_blank" rel="noopener noreferrer">Karolinska Development portfolio company PharmNovo receives EUR 17.5 million, since securing €17.5 million in blended funding from the European Innovation Council (EIC) Accelerator in July 2024. While the EIC award occurred after the referenced March 13 cutoff, available data highlights advancements from mid-2024 onward:Clinical and Regulatory Progress
- Phase IIa Trial Preparation: PharmNovo finalized plans for a Phase IIa proof-of-concept study targeting neuropathic pain with allodynia, supported by EIC funding. The trial will evaluate PN6047’s efficacy as a first-in-class delta opioid-biased receptor agonist (DOBRA).
- FDA Engagement: In January 2025, PharmNovo held a successful pre-IND meeting with the FDA, receiving guidance on Phase IIa design and clearance for Chemistry, Manufacturing, and Controls (CMC) data. An IND submission is planned by late 2025.
- European Trials: Applications to initiate Phase IIa studies in Spain, Poland, and the Czech Republic are expected by Q3 2025.
Technological Differentiation
PN6047’s unique mechanism activates G-protein signaling without triggering beta-arrestin pathways linked to opioid side effects like tolerance or respiratory depression. Preclinical and Phase I data (72 healthy volunteers) demonstrated safety and tolerability at therapeutic doses, positioning it as a non-addictive alternative to conventional opioids.Market Readiness Activities
While no commercial pilots exist yet due to clinical-stage status:- Investor Outreach: CEO Per von Mentzer presented PN6047 at RedEye’s Neurology Event in October 2024 to highlight its potential in addressing unmet needs in chronic pain markets.
- Regulatory Publications: The company published preclinical insights in MedNous, emphasizing PN6047’s safety advantages over existing therapies.
Intellectual Property & Research Outputs
Public disclosures do not mention new patents filed post-EIC award. However: - Clinical Data Releases: Updated Phase I results confirmed no serious adverse events at therapeutic doses, while ongoing trials focus on dose optimization for neuropathic pain relief®.
- Karolinska Development: A major investor holding a 13.1% stake, providing strategic oversight and funding access through its Nordic life science network.
- NIDA-Funded Academic Collaboration: Partnering with Professor Amynah Pradhan at Washington University to explore PN6047's potential in addressing opioid addiction risks, backed by National Institute on Drug Abuse (NIDA) funding.
- European Clinical Trial Network: Preparing Phase IIa trials in Spain, Poland, and the Czech Republic by Q3 2025 following FDA pre-IND meeting feedback in January 2025.
- PharmNovo: Home of PN6047
- Karolinska Development's portfolio company PharmNovo´s drug candidate
- Karolinska Development April 2025 Report
- PharmNovo: Home of PN6047
- PharmNovo - Cision News
- For investors | PharmNovo
- Operational team - PharmNovo
- Innovation in pain relief - PharmNovo
- Interim Report - January-September 2024
- Harmonizing neuropathic pain research
- Board of directors | PharmNovo
- MedNous Feature: In February 2025, PharmNovo published an article in MedNous outlining its pioneering approach to neuropathic pain treatment using PN6047, a delta opioid receptor agonist designed to avoid traditional opioid side effects.
- EIC Announcements: Multiple outlets covered PharmNovo’s EIC Accelerator win in July 2024, including Marketscreener and Finansavisen, highlighting the €2.5 million grant and up to €15 million conditional equity investment for advancing PN6047 into Phase IIa trials.
- BioStock Global Forum (May 29–30):* Von Mentzer presented updates on PN6047 at this Lund-based event focused on Nordic life science expansion.
- LSX Nordic Congress (October 8–9): PharmNovo showcased PN6047 as a “phase II-ready asset” during this Copenhagen event.
- RedEye Neurology Event (October 23): The CEO detailed PN6047’s mechanism of action at this specialized neurology conference.
- Phase IIa Trial Preparations: The company is finalizing plans for a proof-of-concept study across Spain, Poland, and the Czech Republic by Q3 2025.
- FDA Collaboration: Following constructive pre-IND feedback in January 2025 PharmNovo aims for IND submission by late 2025.
- 17.5 MEUR blended funding from EIC - Pharmnovo
- Karolinska Development portfolio company announcement
Sources
5 The Partnerships and Customers
PharmNovo AB's Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Following its EUR 17.5 million grant from the European Innovation Council (EIC) Accelerator in July 2024, PharmNovo AB has advanced collaborations and clinical development for its lead drug candidate PN6047, a selective delta opioid receptor agonist targeting neuropathic pain with allodynia. While specific commercial customer partnerships remain undisclosed, key institutional relationships have emerged:Market Positioning and Technological Impact
The EIC funding enables PharmNovo to accelerate Phase II trials for PN6047, positioning it as a first-in-class non-addictive opioid alternative in a neuropathic pain market valued at USD 6 billion annually (USD 1.25 billion for allodynia). By leveraging academic collaborations like the NIDA project, PharmNovo addresses critical limitations of existing opioids—addiction potential—while scaling manufacturing under FDA guidance on CMC (Chemistry, Manufacturing, Controls) compliance. The company’s focus on delta receptor specificity may redefine standards for safer chronic pain therapies.
Sources
6 The Hiring and Company Growth
PharmNovo AB: Team Growth and Developments
PharmNovo AB, a Swedish clinical-stage pharmaceutical company, has been making significant strides in developing treatments for neuropathic pain, particularly with its drug candidate PN6047. Since receiving the EIC Accelerator funding on March 13, 2024, the company has been focused on advancing its clinical trials and strengthening its team.
Current Team and Headcount
While the exact current headcount of PharmNovo is not publicly disclosed, the company boasts an experienced and dedicated team with extensive backgrounds in drug development. The team includes notable figures such as Dr. Bengt von Mentzer, the founder, and Per von Mentzer, the CEO. Prof. David Kendall serves as the Chief Scientific Officer (CSO), and Jesper Kjerulff is the Chief Operating Officer (COO) and global project lead.
Hiring and Team Growth
PharmNovo has not publicly announced specific hiring initiatives since receiving the EIC funding. However, the company's growth is supported by its strategic team composition, which includes international expert advisors and consultants. The receipt of substantial funding from the EIC Accelerator will likely facilitate further team expansion to support the ongoing clinical development of PN6047.
Key Positions and Recent Hires
There is no detailed information available on specific recent hires or key positions filled by PharmNovo. The company's focus remains on leveraging its current team's expertise to drive the development of PN6047 through clinical trials.
Impact of New Team Members
While specific new team members are not identified, the company's strategic team composition and the expertise of its current members are critical in advancing PN6047. The involvement of experienced professionals helps PharmNovo scale and grow by navigating complex clinical development processes effectively.
Management and Founding Team Changes
There are no reported changes in the management or founding team of PharmNovo since the EIC funding announcement. The company continues to be led by its current leadership, which includes Per von Mentzer as CEO and Göran Lerenius as Chairman of the Board.
Future Growth and Developments
The EIC funding is a significant validation of PharmNovo's potential and will be instrumental in supporting the phase II clinical trials of PN6047. This investment positions the company for potential acquisition by a larger global pharmaceutical company following successful phase II trials, given the high medical need for effective neuropathic pain treatments.
Sources
7 The Media Features and Publications
PharmNovo AB: Media Coverage and Public Engagement Post-EIC Accelerator Funding PharmNovo AB, a Swedish clinical-stage pharmaceutical company, has garnered significant attention following its €17.5 million blended funding award from the European Innovation Council (EIC) Accelerator in March 2024. Below is a detailed overview of the company’s media presence, publications, events, and public engagements.Media Features and Publications
Podcasts and Interviews
While no direct podcasts are cited in available sources, CEO Per von Mentzer has actively presented at events (see below), which may include interview-style Q&A sessions.Conferences and Presentations
Event Participation Highlights
PharmNovo emphasizes investor-facing engagements post-EIC award:Sources
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