Bexson Biomedical has raised $4.8 million in a Series A financing round for developing a subcutaneous ketamine treatment platform for pain management and mental health disorders.
The Series A round was led by Noetic Psychedelic Fund.
Michael Franks – a Managing Partner at Noetic Psychedelic Fund said: “We are very excited to support the entire Bexson team given their best-in-class delivery technology operating in a massive addressable global market. The Company has a multi-opportunity solution set, and offers an outsized commercial opportunity.”
Bexson Biomedical, which is a California-based research stage company will use the funding for scaling up its pre-clinical and GMP manufacturing activities for its ketamine formulation, BB106, and the development of a wearable delivery device with Stevanato Group, a medical device manufacturer.
Last September, Bexson Biomedical and Stevanato signed an agreement to manufacture a customized version of the SG EZ-be Pod, a small, wearable, and programmable device.
The SG EZ-be Pod device is designed for facilitating dynamic and convenient subcutaneous delivery for patients, compared to existing ketamine infusions that have a high procedural burden and high cost, said Bexson Biomedical.
The research stage company will also be developing new compounds, which will target the NMDA receptor, similar to ketamine, for pain management and also CNS disorders.
Gregg Peterson – co-founder and CEO of Bexson Biomedical said: “Our investor partners recognize the valuable market opportunity, and the social benefit an effective non-opioid therapy will offer. Tens of thousands of lives are lost to the opioid epidemic every year.
“With a viable, FDA-approved alternative to opioid-based pain meds, we could finally move the needle on addiction, as well as the wider economic impact of the opioid crisis.”