Levicept raises L10M series A

Levicept Ltd. (Sandwich, U.K.) raised L10 million ($16 million) in a series A round with Advent Life Sciences, Gilde Healthcare and Index Ventures.

The biotech's LEVI-04 ( p75NTR-Fc) is in preclinical development to treat chronic pain associated with osteoarthritis. The compound comprises p75 neurotrophin receptor (p75 NTR) fused with an Fc fragment that targets nerve growth factor (NGF). Levicept licensed the molecule from Pfizer Inc. (NYSE:PFE) for an undisclosed amount after the pharma shut down its Sandwich R&D facility in 2011 (see BioCentury, Sept. 15). ...