What Asarina Pharma does

Asarina Pharma was a Swedish clinical-stage biotechnology company founded in 2006 and headquartered in Solna, Sweden, with a Danish operating subsidiary in Copenhagen. The company was focused on developing Sepranolone, an endogenous neurosteroid compound that modulates and inhibits the negative effects of Allopregnanolone (ALLO) on GABA-A receptors, for the treatment of Allopregnanolone-related stress, compulsion, menstrual, and neurological disorders. Its primary indications were Premenstrual Dysphoric Disorder (PMDD), Tourette Syndrome, and Obsessive-Compulsive Disorder (OCD), with a broader platform of over 30 patented GAMSA (GABA-A Modulating Steroid Antagonist) compounds developed by Prof Torbjörn Bäckström that had potential applications in epilepsy, stress-related fatigue, and cognitive impairments.

The core asset, Sepranolone, was patented as a pharmaceutical formulation in 2010 after 40 years of underlying research and produced mixed clinical results: a Phase IIa PMDD study in 120 women (2013) showed approximately 80% symptom reduction versus placebo, but a Phase IIb study in 206 women across Sweden, the UK, Poland, and Germany (2018-2019) was inconclusive due to a 33% higher placebo response. A subsequent Phase IIa Tourette Syndrome study in 28 patients (2022-2023) demonstrated competitive tic reduction versus Haldol without motor side effects. The company also secured a US patent for Sepranolone in OCD on the strength of preclinical data. Asarina Pharma was a pre-commercial company with no product revenue and a stated business model of out-licensing or selling its IP to a larger pharmaceutical partner for late-stage development and commercialization.

Following the Phase IIa Tourette results, the company conducted an extensive partnering process that engaged over 200 companies but produced no offers. With the control balance sheet showing equity below half of registered share capital, shareholders voted to enter voluntary liquidation in August 2024, the shares were delisted from Nasdaq First North in October 2024, and all IP assets were sold to US-based Relmada Therapeutics in February 2025. A second EGM confirmed liquidation in April 2025, with liquidation taking effect on July 1, 2025, and attorney Johan Klåvus appointed as liquidator to wind up operations and distribute any residual cash to shareholders.

Name

Asarina Pharma

Legal name

Asarina Pharma AB (publ)

Website

https://asarinapharma.com

Company type

Private

Founded year

2006

Operating status

Closed

Headcount range

1–10 employees

Short description

Swedish clinical-stage biotech (founded 2006) developing Sepranolone, a neurosteroid-based treatment for Premenstrual Dysphoric Disorder, Tourette Syndrome, and OCD, built on the GAMSA platform. The company sold its IP assets to Relmada Therapeutics and entered voluntary liquidation in 2025.

Ownership category

akta.pro rank

Product category

Clinical-stage CNS biopharmaceuticals

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Neurosteroid pharmaceuticals
• CNS drug development
• Clinical-stage biotech
• Allopregnanolone modulators
• GABA-A steroid antagonists

Headquarters

HQ city

Solna

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Sepranolone Development and Licensing: Pre-commercial biotech company focused on developing Sepranolone for neurological and menstrual disorders. Revenue model was to out-license or sell IP assets to larger pharmaceutical companies after demonstrating clinical efficacy. The company sold all IP assets to Relmada Therapeutics in February 2025.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Asarina Pharma was a Swedish clinical-stage biotech developing Sepranolone, an endogenous neurosteroid that modulates the effect of Allopregnanolone on GABA-A receptors, as a treatment for stress- and compulsion-related conditions including Premenstrual Dysphoric Disorder (PMDD), Tourette Syndrome, and Obsessive-Compulsive Disorder (OCD). The pipeline also included a broader portfolio of GAMSA compounds for epilepsy, stress-related fatigue, and cognitive impairment indications. The company operated pre-commercially with a plan to out-license or sell Sepranolone IP to a larger pharmaceutical partner.

Product overview

Asarina Pharma was a Swedish biotech company developing Sepranolone, the world's first dedicated treatment for Allopregnanolone-related stress, compulsion, menstrual and neurological disorders. The company's product portfolio was built on over 40 years of research and centered on Sepranolone (their lead compound) and a family of GAMSA (GABA-A Modulating Steroid Antagonists) compounds. Sepranolone was developed as a pharmaceutical formulation patented in 2010, targeting conditions including Premenstrual Dysphoric Disorder (PMDD), Tourette Syndrome, and Obsessive-Compulsive Disorder (OCD). In February 2025, Asarina Pharma sold all IP assets related to Sepranolone to Relmada Therapeutics and subsequently entered voluntary liquidation.

Differentiator

Problem solved

Functional benefit

Products and services

• Sepranolone Endogenous neurosteroid compound (patented as a pharmaceutical formulation in 2010) that modulates and inhibits the negative effects of Allopregnanolone (ALLO) on GABA-A receptors. Under clinical development as a treatment for stress- and compulsion-related conditions including PMDD, Tourette Syndrome, and OCD.
• GAMSA (GABA-A Modulating Steroid Antagonists) compound portfolio Family of more than 30 patented neurosteroid compounds that modulate GABA-A receptor subtypes, developed by Prof. Torbjörn Bäckström with potential therapeutic applications in epilepsy, Tourette, stress-related fatigue, and cognitive impairment.

Quantifiable outcome

• Phase IIa Tourette study: competitive tic reduction comparable to Haldol without motor side effects, 7% dropout rate
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Relmada TherapeuticscoreStrategic or Co-development Partner · 7 February 2025Asset Purchase Agreement signed February 7, 2025 for the sale of Sepranolone compound and all related IP assets. Relmada, a US-based neurology company focused on CNS disorders, acquired all rights to Sepranolone to continue clinical development in Tourette Syndrome and potentially other neurological indications. Relmada plans to advance Sepranolone into a Phase IIb study in TS. This was the culmination of Asarina's failed partnering process that reached out to over 200 companies.

Scale indicators6 records

Recent moves9 records

Expansion highlights4 records

Regional players

• HRA Pharma (Perrigo): European women's health pharma company (acquired by Perrigo) that developed and launched ellaOne and NorLevo emergency contraceptives. Erin Gainer, Asarina board member, was HRA Pharma's CEO for 16 years, indicating direct strategic adjacency to Asarina's women's health/PMDD focus.

Emerging players

• Axsome Therapeutics: CNS-focused commercial-stage biopharma with approved therapies for depression and migraine. Comparable in CNS specialty focus and pre-commercial-to-commercial transition that Asarina aspired to, though serving different indications.
• TherapeuticsMD: Women's health pharmaceutical company focused on reproductive health conditions including hormone-related disorders. Overlaps with Asarina's PMDD indication targeting women with severe menstrual-cycle-related symptoms through novel pharmaceutical approaches.

Direct peers

• Marinus Pharmaceuticals: Develops ganaxolone, a synthetic neurosteroid modulating GABA-A receptors, for rare seizure and neurological disorders. Closely comparable to Asarina's Sepranolone in using neurosteroid-based modulation of GABA-A receptor activity, with a similar CNS specialty focus.
• Relmada Therapeutics: US-based CNS/neurology company that acquired all of Asarina's Sepranolone IP assets in February 2025. Relmada is now advancing Sepranolone into a Phase IIb study in Tourette Syndrome, making it the most direct comparator and successor to Asarina's clinical program.
• Sage Therapeutics (acquired by Biogen): Pioneered neurosteroid-based CNS drugs including zuranolone (ZURZUVAE) for postpartum depression. Highly comparable business model and scientific platform to Asarina's GAMSA/Sepranolone approach, with approved neurosteroid products for mood and neurological disorders.

Broad incumbents

• Lundbeck: Danish-headquartered CNS specialty pharmaceutical company with a broad portfolio of neurology and psychiatry products. Comparable in CNS specialty focus, Scandinavian pharma heritage, and targeting of neurological disorders with significant unmet need.
• Teva Pharmaceutical Industries: Major pharmaceutical company marketing Austedo (deutetrabenazine) for Tourette Syndrome through its specialty CNS franchise. Competes in the same Tourette treatment market Asarina targeted with Sepranolone, with broad portfolio and global commercialization capability.
• Acadia Pharmaceuticals: CNS specialty pharmaceutical company with a portfolio of approved neurological drugs and pipeline focused on rare CNS disorders. Comparable in therapeutic area focus (neurology/CNS specialty) and business model targeting underserved neurological indications.
• Neurocrine Biosciences: Large CNS specialty pharmaceutical company marketing Austedo (deutetrabenazine) for Tourette Syndrome, the same indication Asarina targeted with Sepranolone. Directly comparable in target indication, though Neurocrine is established and commercialized versus Asarina's pre-commercial stage.

Market position

Strengths3 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/7578097

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Asarina Pharma