Cerebral Therapeutics, Inc. Secures $40 Million Series C Financing
Proceeds support late-stage clinical program in medically refractory epilepsy and intracerebroventricular therapies pipeline
AURORA, Colo.--(BUSINESS WIRE)-- Cerebral Therapeutics, Inc., a clinical-stage pharmaceutical company pioneering therapies for neurological diseases, announced today $40 million in Series C funding led by Lynx1 Capital Management with participation from existing investors RA Capital Management, Perceptive Advisors, Vivo Capital LLC, and Granite Point Capital Management L.P. In conjunction with the financing round, Weston Nichols, Ph.D., Managing Partner of Lynx1 Capital Management and Tim Scannell, former President and COO of Stryker, will join the Board of Directors.
The Company plans to use Series C proceeds to complete an international Phase 2 double-blind, randomized, placebo-controlled clinical trial of its proprietary investigational drug (CT-010) for the treatment of uncontrolled seizures in patients with medically refractory epilepsy, and to support Phase 3 readiness. Cerebral Therapeutics uses a proprietary implanted infusion system to deliver continuous doses of CT-010 intracerebroventricularly (ICV). This novel drug-device combination treatment is intended to increase targeted drug brain exposure thereby maximizing efficacy, reducing systemic drug exposure, and improving safety while enhancing therapy adherence.
“We are pleased to announce completion of our Series C financing, enabling the company to further develop CT-010 for the treatment of refractory epilepsy, and to advance our CNS drug pipeline,” said Dan Abrams, M.D., Chief Executive Officer of Cerebral Therapeutics. “Direct brain administration of our proprietary anti-seizure therapeutic has the potential to dramatically reduce seizure burden and to positively impact the lives of patients with refractory epilepsy. Our approach to crossing the blood-brain barrier may unlock the potential of many other promising CNS therapeutics.”
“The Cerebral Therapeutics team is pursuing a direct-to-brain approach to drug delivery that addresses the key disadvantages of oral anti-seizure medications and could prove to be a key enabling technology for delivery of CNS-targeted therapeutics across several modalities,” said Weston Nichols, Ph.D., Managing Partner at Lynx1 Capital Management. “We feel privileged to support this team as they work toward bringing better therapeutic options to patients living with serious CNS disorders.”
The Company will also use Series C proceeds to advance its ICV therapies pipeline including internal programs and collaborations with leading biopharmaceutical companies. Cerebral’s proprietary approach is suitable for a broad portfolio of product candidates including small molecules, oligonucleotides, antibodies, and enzyme therapies and incorporates a rigorously applied biomarker strategy.
About Lynx1 Capital Management
Lynx1 Capital Management is a multi-stage investment firm dedicated to investing in biotechnology, life sciences, and medical technology companies. Lynx1 applies deep scientific expertise and understanding of therapeutic mechanisms to invest in novel therapies and innovative technologies. Lynx1 Capital Management seeks to be a long-term partner to its portfolio companies and support management teams by providing capital throughout a company's lifecycle.
About Cerebral Therapeutics
Cerebral Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies for refractory neurological diseases. Founded by experts in the fields of neuroscience, neurosurgery, and drug delivery, the Company is pioneering intracerebroventricular (ICV) therapies for people with neurological diseases. Its investigational drug therapies and companion biomarker strategies are enabled by the Company’s proprietary technology that enables precise targeted delivery to the central nervous system. The goal of this novel approach is to maximize efficacy while greatly reducing systemic drug exposure and enhancing drug regimen compliance. Cerebral Therapeutics' ICV infusion therapy may offer a more efficacious and reliable approach to treating neurological diseases for which oral medications are not able to achieve adequate control and/or are limited by systemic toxicities. For more information visit www.cerebraltherapeutics.com.
About Refractory Epilepsy
Epilepsy is the fourth most common neurological condition globally. Approximately 3.4 million people in the United States are living with epilepsy today, and up to one-third continue to experience seizures despite drug treatment. The annual cost for patients with epilepsy in the United States is estimated to be approximately $12.5 billion.
President & Chief Operating Officer
Source: Cerebral Therapeutics