June 2023
PleoPharma Inc, announces it completed a Series A financing of $17.5 Million led by DynaGrow Capital, MintPharma Capital and 8 current and former CEOs from Large, Mid and Small CAP Biotech companies in June of 2023. PleoPharma used the proceeds to complete a Phase 2b study of PP-01 for the mitigation of cannabis withdrawal syndrome in participants with cannabis use disorder.
The US Government reported that in 2023 (2023 NSDUH Detailed Tables | CBHSQ Data (samhsa.gov)), ~19.2 million Americans had cannabis use disorder and 1.64 million people received treatment for cannabis addiction (~500k inpatient and ~1.1 million outpatient). The number of people receiving treatment for cannabis grew by 23% from 2022 to 2023 and by an average of 28% per year since 2018. There are currently no FDA approved medications for the treatment of cannabis withdrawal syndrome or cannabis use disorder.
PleoPharma believes that while many people use cannabis responsibly, as with alcohol, a minority may develop dependence. PleoPharma’s mission is to provide a treatment option for those who want help reducing or discontinuing cannabis.
The first FDA approved medication assisted therapy (MAT) for the treatment of cannabis addiction / withdrawal (PP-01) should enable an optimal outpatient solution for patients while at the same time significantly reducing the current cost of care.
“I am honored and grateful to our seasoned pharma execs and investors for having advanced PleoPharma’s mission to develop a product for this growing unmet need”,” said Ginger Constantine, MD, CEO PleoPharma Inc. “
About PP-01
PP-01 has a dual mechanism of action targeting suppressed CB1 receptors and neurotransmitter dysregulation in the mesolimbic reward pathway.PP-01 is an investigational product entering Phase 3 that is being developed to mitigate symptoms related to cannabis withdrawal. PP-01 is intended to be a once daily oral product taken before bedtime providing rapid and sustained efficacy with an excellent safety and tolerability profile.
About PleoPharma, Inc.
PleoPharma, Inc. is a clinical stage development company in the neuropsych and addiction space with a lead asset, PP-01, that is being developed as the first FDA approved treatment of Cannabis Withdrawal Syndrome in people with Cannabis Use Disorder.
The PleoPharma team includes a world class management team and board of directors who have produced multiple high value exits, >50 worldwide product approvals, and 100+ INDs.