CeNeRx BioPharma, a clinical stage company developing treatments for diseases of the central nervous system, has completed a USD9m financing.
CeNeRx BioPharma, a clinical stage company developing treatments for diseases of the central nervous system, has completed a USD9m financing.
The financing includes a USD5m credit facility from MidCap Financial and an additional USD4m invested by current shareholders Aisling Capital, L Capital Partners and Pappas Ventures.
CeNeRx plans to use the proceeds to advance its pipeline of promising clinical and preclinical stage compounds for mood disorders, neurodegenerative conditions, and pain and spasticity.
"In addition to supporting our Phase II compound TriRima for the treatment of major depressive disorder, these funds will help advance our exciting new product candidate for neurodegenerative disorders, CXB909, into clinical trials later this year, and will also support progression of our earlier-stage portfolio of cannabinoids," says Barry Brand, chief executive officer of CeNeRx. "We are pleased at the confidence from our current investors and new partners at MidCap Financial in our promising and growing pipeline of innovative CNS compounds."
CeNeRx is in the process of completing the ongoing Phase II trial of its lead product candidate TriRima (formerly known as Tyrima) for the treatment of major depressive disorder. TriRima is a selective and reversible member of a novel class of drugs known as RIMAs, or reversible inhibitors of monoamine oxidase A).
The triple action mechanism of TriRima elevates the levels of three key neurotransmitters that positively affect mood and anxiety, compared to the one or two neurotransmitters addressed by most current antidepressant drugs. This triple action mechanism may benefit patients not responding to traditional single or dual action products, while the selectivity and reversibility of TriRima are expected to reduce or eliminate the risk of food-associated cardiovascular side effects of conventional inhibitors of MAO-A.
CeNeRx has also acquired the rights to develop and market CXB909, an agent for the prevention and treatment of neuropathies and neurodegenerative disorders. CXB909 is a small molecule, orally active agent that enhances the effects of nerve growth factor. CeNeRx intends to initiate a Phase l trial of CXB909 for the treatment of chemotherapy-induced peripheral neuropathy later this year.
