Paul R. Carter and Jonathan R. Lynch Appointed to Board of Directors
Concentric Analgesics, Inc., a clinical-stage biopharmaceutical company focused on developing and commercializing novel, non-opioid pain therapeutics, today announced the closing of a $20 million convertible note financing from a combination of new and existing investors. In addition, the company announced the appointments of Paul R. Carter and Jonathan R. Lynch to its board of directors.
“We are pleased to announce the closing of this oversubscribed financing, which enables us to continue to advance vocacapsaicin into Phase 3 development and serves as an important first step towards fully funding the program through NDA submission,” said Frank Bellizzi, DMD, Chief Executive Officer of Concentric Analgesics. “We are especially gratified for the continued strong support from leading healthcare investors who share our vision and determination to establish a new, non-opioid, standard of care for the treatment of postsurgical pain.”
Concentric intends to use the proceeds from the financing to further fund Phase 3 development activities for vocacapsaicin, its lead therapeutic candidate for postsurgical pain. Vocacapsaicin has been shown in Phase 2 studies to provide long-lasting pain relief after a single local administration in a variety of surgical models and has received both Breakthrough Therapy Designation and Fast-Track Designation from the U.S. Food and Drug Administration.
Appointments of Paul R. Carter and Jonathan Lynch to Board of Directors
Paul R. Carter is a seasoned international biopharmaceutical leader with over 25 years of senior executive experience, specializing in commercialization, regional alliances, and mergers and acquisitions. Mr. Carter is currently a Board Director for four publicly listed biopharma companies, which include HutchMed PLC, Mallinckrodt Pharmaceuticals plc, Immatics NV, and VectivBio Inc. He also is a member of the board of directors of several private companies, including Evox Therapeutics Ltd.
Previously, Mr. Carter was the Executive Vice President and Chief Commercial Officer of Gilead Sciences Inc., where he was responsible for the company's worldwide commercial strategy and execution, including generating $33 billion of revenue in 2015 and launching several of the best-selling prescription drugs of all time. Prior to that, Mr. Carter held senior leadership roles in GSK, including head of GSK China and head of Smith Kline Beecham Russia. Mr. Carter is a Fellow of the Chartered Institute of Management Accountants in the UK and holds a degree in Business Studies from the University of West London.
"I am excited by the opportunity at Concentric,” said Mr. Carter. “The company's novel non-opioid pain product has the potential to shift the treatment paradigm for postsurgical patients with its unique mechanism of action and superior therapeutic profile. I look forward to working with the board and management team to help guide Concentric's strategic vision with a view towards bringing these important treatments to clinicians and patients around the world."
Jonathan R. Lynch currently manages Incisive Capital, which participated as the leading new investor in this financing. Mr. Lynch founded and previously served as a Managing Director and Investment Committee member of CCMP Capital Advisors, LLC (successor to JPMorgan Partners). At CCMP, he focused principally on private equity investments in the consumer and business services sectors. Prior to joining CCMP in 1992, Mr. Lynch was a member of the Mergers and Acquisitions department of Prudential Securities and is a past president of the Venture Investors Association of NY (VIANY). He graduated magna cum laude with a B.S. from Georgetown University and holds an MBA from Harvard Business School.
“Vocacapsaicin’s strong Phase 2 clinical efficacy, largely de-risked path to approval and significant global commercial potential, combined with a superbly talented management team, made Concentric stand out to me as a clearly compelling investment opportunity,” said Mr. Lynch. “I am also incredibly excited to join the board to help guide the successful execution of the company’s late-stage development and commercialization strategy.”
“We enthusiastically welcome Paul and Jonathan to our board as we continue to build upon our progress to-date,” said Thomas B. King, Executive Chair of Concentric. “Paul is an experienced executive and a recognized leader in the biopharmaceutical industry whose extensive commercial expertise will be instrumental as we evaluate global commercial strategies for this novel drug. Jonathan brings substantial financial and strategic acumen to our board, and his guidance will be invaluable in realizing our plans for continued growth.”
About Vocacapsaicin (CA-008)
Concentric Analgesics’ lead product candidate for postsurgical pain is a proprietary first-in-class prodrug therapeutic that rapidly converts to capsaicin, a potent TRPV1 agonist. Unlike local anesthetics, capsaicin selectively desensitizes pain-conducting nerve fibers without producing sensory numbness or motor weakness. Vocacapsaicin, injected into the surgical site as an aqueous solution during surgery, has the potential to reduce or eliminate the need for opioids in the postsurgical recovery period and provide clinically meaningful pain relief for two weeks. Vocacapsaicin has received both Fast Track Designation (2017) and Breakthrough Therapy Designation (2018) from the U.S. Food and Drug Administration.
About Opioid Addiction & Postsurgical Pain
Opioid addiction in the United States has reached epidemic proportions, destroying families, lives, and communities throughout the country. According to the Centers for Disease Control and Prevention, approximately 70,000 Americans died from opioid overdoses in 2020 – 66% more than the total number of deaths from automobile accidents. New approaches for preventing this insidious disease are imperative, including in the postsurgical setting, which can be an unsuspecting gateway to prescription pain medicine abuse and beyond. A 2016 US News & World Report revealed that one in 10 patients report becoming addicted or dependent on opioids following surgery. With more than 100 million surgeries performed in the U.S. in 2017, 30 million of which required postsurgical pain management with products that were not over-the-counter (OTC) drugs, the mandate to develop safe and effective non-opioid alternatives is clear.
About Concentric Analgesics
Concentric Analgesics is a clinical-stage, biopharmaceutical company focused on developing and commercializing novel, non-opioid pain therapeutics. The company’s portfolio of proprietary products is designed to provide long-lasting, selective pain relief after a single local administration. Vocacapsaicin is the company’s Phase 3-ready lead product candidate for postsurgical pain. Concentric has two additional active programs for osteoarthritis pain and chronic refractory pain. For more information, please visit the company’s website at: www.concentricanalgesics.com.
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Contacts
Frank Bellizzi
Chief Executive Officer
Concentric Analgesics, Inc.
frank@concentricanalgesics.com
