In January 2018, the company raised $67 million in a Series D financing to fund the Phase III program for its lead therapy, CNTX-4975, a synthetic, ultra-pure injection of trans-capsaicin, to treat chronic pain due to knee osteoarthritis (OA).

CNTX-4975 is a new, non-opioid therapy that is designed to be injected directly into the painful joint.

In clinical trials conducted to date, a single injection of CNTX-4975 has provided substantial, quick-onset pain reduction in patients with moderate to severe OA pain.