PleoPharma, a privately held company focused on finding treatments for cannabis-related health issues, announced the closing of a $36 million Series B financing round.
The company said it will use the proceeds to advance its lead asset, PP-01, an investigational product aimed at mitigating cannabis withdrawal in patients with cannabis use disorder. The therapy was granted fast track designation by the FDA earlier this year.
"We recognize that many people do use cannabis without becoming dependent," said PleoPharma CEO Ginger Constantine in a statement. "But as with alcohol, some may develop a dependence or use disorder that is worsened by withdrawal symptoms. Our mission is to provide a treatment option for those who want help discontinuing cannabis."
PP-01 is a dual mechanism of action investigational product that targets suppressed CB1 receptors and neurotransmitter dysregulation in the mesolimbic reward pathway. PP-01 is entering phase 3 and has the potential to be the first-in-class treatment to mitigate the withdrawal symptoms experienced by many patients with cannabis use disorder (dependence/addiction). PP-01 is intended as a once daily oral product with a rapid onset.
