Semnur secures USD 100m from Kazakhstan investor to advance non-opioid pain candidate

Palo Alto-based Semnur Pharmaceuticals, Inc. (OTC: SMNR), a majority-owned subsidiary of Scilex Holding Company (Nasdaq: SCLX), [announced](https://www.globenewswire.com/news-release/2026/07/07/3322987/0/en/Semnur-Pharmaceuticals-Inc-Semnur-a-Majority-Owned-Subsidiary-of-Scilex-Holding-Company-Nasdaq-SCLX-Scilex-Announces-Signing-of-Binding-Term-Sheet-for-Proposed-100-Million-Strategi.html) the signing of a binding term sheet for a proposed USD 100 million strategic investment from Kazakhstan-based iHolding Group LLP, intended to fund the ongoing Phase III clinical program for its lead non-opioid pain candidate and support broader commercialization activities. The transaction comes as Semnur seeks independent capital to advance Semdexa (SP-102) toward a potential FDA submission, having completed one Phase III study and holding FDA Fast Track designation since 2017. The proposed investment is structured as a direct purchase of approximately 10 million newly issued shares of Semnur common stock at USD 10.00 per share, representing USD 100 million in gross proceeds. iHolding Group LLP, a private investment group headquartered in Almaty, Republic of Kazakhstan focused on healthcare, technology, and cross-border investments, is the sole investor. No underwriters or placement agents are named. The transaction remains subject to completion of due diligence, execution of definitive agreements, board approvals, and regulatory clearances, and has not yet closed. Notably, [Scilex announced](https://www.globenewswire.com/news-release/2026/07/06/3322261/0/en/Scilex-Holding-Company-Announces-Signing-of-Binding-Term-Sheet-for-Proposed-100-Million-Strategi.html) a concurrent USD 100 million binding term sheet with iHolding for a separate direct equity investment in the parent company at USD 15.00 per share, indicating coordinated capital deployment across both entities simultaneously. Semdexa (SP-102; dexamethasone sodium phosphate viscous gel) is a novel viscous gel formulation of dexamethasone sodium phosphate administered epidurally, in development for moderate to severe lumbosacral radicular pain (sciatica). Semnur completed a Phase III study and management has indicated that proceeds from this financing would support a second Phase III program and commercialization preparation. Semnur became an independently traded OTC entity following its [SPAC merger with Denali Capital Acquisition Corp.](https://www.globenewswire.com/news-release/2026/05/22/3300289/0/en/Scilex-Holding-Company-Scilex-Announces-Its-Board-of-Directors-Approved-a-Dividend-of-Semnur-Pharmaceuticals-Inc-Common-Stock-to-Holders-of-Scilex-Common-Stock-and-other-Eligible-E.html) in September 2025 at a pre-transaction equity value of USD 2.5 billion, establishing it as a separately capitalized vehicle. Scilex retains approximately 186 million shares of Semnur common stock, preserving majority ownership. The non-opioid epidural corticosteroid space has limited direct competition at the Phase III stage, with existing standard-of-care relying on off-label use of conventional injectable steroids. *** This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: [https://allsci.com/news/](https://allsci.com/news/) --- Spot something wrong? [Report an issue with this article](https://newsgen-prod.reframedata.com/feedback/semnur-pharmaceutical-funding-secures-usd-100m)