May 13 Quick Takes: NEA-backed Allay launches to deliver long-lasting non-opioid pain relief; plus Heron, Strongbridge, Incyte

Allay Therapeutics Inc. debuted Thursday with plans to start Phase IIb testing this year of a sustained-relief non-opioid pain therapy that it says is the first compound with clinical data demonstrating non-opioid pain relief lasting two weeks after one administration. According to the Menlo Park, Calif.-based company, marketed postsurgical pain products are effective for three days at most. ATX-101, a dissolvable product incorporating bupivacaine, has been designed to deliver continual, localized pain relief; the study will be in 300 patients undergoing total knee replacement surgery.

Founded in 2017 by The Foundry incubator and Lightstone Ventures’ Singapore fund, Allay raised a $25 million series B round in 2019 led by NEA, with participation by Lightstone Ventures and Brandon Capital Partners...