PixarBio (OTC:PXRB) raised $7 million for its biomaterial-based opioid alternative for post-operative acute and chronic pain relief, about 18% of its $40 million equity financing according to a regulatory filing that the Medford, Mass.-based company filed yesterday.
The company’s drug delivery product, NeuroRelease, is an injectable morphine replacement therapy for use in the surgical/hospital setting, the battlefield, or to manage acute and chronic pain.
Unlike opioid pain relievers, NeuroRelease has no effect on locomotion nerve fibers so patients can enter physical therapy quickly following surgery. The drug also has no effect on proprioception, so the patient can maintain a feeling of well-being while taking the medication.
NeuroRelease is biodegradable and non-toxic, so it can be re-injected to extend treatment timelines, according to the company.