Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today it has licensed its P2X3ⁱ receptor program aimed at developing first-in-class treatments for chronic pain to Afferent Pharmaceuticals. Afferent was co-founded by Anthony Ford, Ph.D., Pappas Ventures, and Third Rock Ventures, and is focused on developing compounds that treat chronic pain by targeting a novel biological pathway. In conjunction with this announcement, Afferent successfully closed a $23 million Series A financing, which was led by Third Rock Ventures and Pappas Ventures, and included Domain Associates and New Leaf Venture Partners. Proceeds from the financing will be used to accelerate the development of P2X3 receptor targeted pain therapies.

Venture firms are investing $23 million to spin out a start-up from Roche Holding Ltd. that plans to attack chronic pain in a new way.