UK clinical-stage group NeRRe Therapeutics has raised £23 million advance its unique neurokinin receptor antagonist pipeline towards late-stage clinical development.

The GSK-spin out said cash raised in the Series B financing round, which was oversubscribed, will be used to generate Phase II data on orvepitant, its lead oral NK-1 antagonist candidate as a potential new treatment for a common, chronic respiratory condition.

The funds will also go towards advancing NT-814, a dual NK-1,3 antagonist, into Phase II trials as a potential non-hormonal treatment of distressing post-menopausal vasomotor symptoms.

The firm said it is "delighted" to have "attracted such a substantial investment from these high profile life sciences investors".

"Now that we are fully funded to execute the next phase of development, everyone at the company is focused on moving orvepitant and NT-814 closer to the market for the alleviation of these common, chronic and debilitating conditions."

NeRRe Therapeutics was founded in 2012 as a spin out from GSK, which transferred its NK antagonist portfolio, including clinical data, toxicity, safety and formulation packages, and all associated IP to the new group.

The firm is based at the Stevenage Bioscience Catalyst, the UK's first open innovation bioscience campus.