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Tuesday, March 19, 2024

Danish biotech startup raises €9 million in Series A round to expand R&D operations

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Tetra Pharm Technologies, a Copenhagen-based biotech startup specializing in developing therapeutic treatments for neuropathic pain and mental health disorders, has secured a whopping €9 million in its series A funding round. The investment, which was led by a consortium of Danish investors, will allow Tetra Pharm to ramp up its research and development efforts and broaden its reach globally. The startup has been making waves in the biotech world with its innovative approach to targeting the endocannabinoid system in its treatments.

“We have a promising pipeline of drugs that we believe carries the ability to treat – and potentially cure – health conditions stemming from certain imbalances in the endocannabinoid system. The additional funding enables us to accelerate formulation development and clinical activities”, says Dr. Morten Allesø, CSO, Tetra Pharm Technologies.

During 2022, Tetra Pharm Technologies closed several significant distribution deals across their main markets in Europe, and the company expect to release its first product to treat neuropathic pain in February 2023.

“We are delighted to welcome our new investors and look forward to our partnership with them. The investment will create a strong platform to accelerate our current product portfolio and it provides us with an opportunity to finalize the promising drugs we have under development so we can continue to deliver on our mission to improve the lives of patients and their families, by formulating efficient drugs, with a low side-effect profile, at a fair price” added Martin Rose, CEO, Tetra Pharm Technologies.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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