SiteOne Therapeutics Secures $100 Million to Advance Non-Opioid Painkiller Development

Fifteen years ago, as concerns about the growing opioid crisis began to emerge, a Maryland-based company, SiteOne Therapeutics, was founded with the aim of developing non-opioid alternatives for pain management. Over the years, the company has faced challenges in pain research, a field known for its complexity and significant barriers to success within the healthcare system.
Despite these challenges, SiteOne Therapeutics recently announced it has raised $100 million in funding. This investment will support the company’s efforts to bring its drugs to human trials, aiming to validate their effectiveness in managing pain without relying on opioids.
The company’s research focuses on ion channels—proteins located on the surface of cells that play a key role in transmitting electrical signals. Ion channels are essential for various biological processes, including muscle movement, sensory perception, and immune responses. Due to their importance, ion channels have long been targeted for drug development in areas such as epilepsy, heart conditions, and infectious diseases.

Advancements in ion channel research over the past two decades have sparked interest in their potential to address pain, neurological disorders, and other conditions. This has positioned companies like SiteOne to explore innovative therapies in this emerging field.
SiteOne’s approach builds on growing interest in ion channel-based therapies, a space where Vertex Pharmaceuticals has made significant strides. Vertex, a company valued at over $120 billion, has demonstrated the potential of ion channel research with its groundbreaking treatments for cystic fibrosis.

Novo Holdings, a long-time observer of SiteOne, decided to invest after seeing promising data and noting Vertex’s successful example in developing ion channel-based therapies. Other investors in SiteOne’s recent funding round include OrbiMed, Wellington Management, Mission BioCapital, and BSquared Capital.
Previously, SiteOne raised $15 million in a Series B funding round in 2017, supported by Amgen. However, their partnership ended in 2019 when Amgen exited neuroscience research. The latest funding is expected to support SiteOne through proof-of-concept studies for both acute and chronic pain conditions.
The company’s lead candidate entered Phase 1 trials in healthy volunteers earlier this year, with results anticipated by March next year. SiteOne plans to test its drug in patients undergoing surgeries such as abdominoplasty (tummy tuck) or bunionectomy to evaluate its effectiveness in managing acute pain.

SiteOne is not alone in this space. California-based Latigo Therapeutics, backed by venture capital, is also working on ion channel-based pain therapies. Latigo has secured $135 million in funding and is advancing its NaV1.8 program for acute and chronic pain.
As SiteOne Therapeutics moves forward, its efforts reflect a broader push in the biotech industry to address pain management with innovative, non-opioid solutions.