Levicept Ltd is an asset-centric UK-based biotechnology company developing a novel, safe and efficacious biological therapy (LEVI-04 [p75NTR-Fc]) for the treatment of chronic pain. We are progressing LEVI-04 to phase I clinical trials to test its efficacy and safety in patients with osteoarthritis. Levicept is developing LEVI-04 (p75NTR-Fc) modulates the clinically-validated neurotrophin pathway leading to profound, yet safe, analgesia. Clinical trials with antibodies to nerve growth factor (NGF) have demonstrated the efficacy of anti-NGF antibodies in chronic pain conditions such as osteoarthritis, back pain and cancer pain. However, anti-NGF treatment is associated with rapid progression of osteoarthritis. In pre-clinical models of osteoarthritis, administration of p75NTR-Fc provides analgesia equivalent to that achieved with anti-NGF antibody treatment, but without rapid progression of osteoarthritis.