Novaremed AG, of Basel, Switzerland, said it raised additional financing of CHF6 million (US$6.12 million) from existing shareholders and several new private investors via a rights offering, with pro-rata rights for existing shareholders. The proceeds will be used to prepare for a global phase IIb study of its lead compound, NRD.E1, a first-in-class, small molecule for patients suffering from diabetic neuropathic pain.