New York, Nov. 29 - CeNeRx BioPharma, Inc. said it completed an $18.5 million series A round of financing.
Perseus-Soros BioPharmaceutical Fund was the lead investor with L Capital Partners, A.M. Pappas & Associates and Wistar Morris also taking part.
CeNeRx will use proceeds to fund research and development along with business growth.
"We are delighted to be working with top-tier life science investors to acquire, develop and license medicines for treatment of diseases that relate to the nervous system," said Barry Brand, a former GlaxoSmithKline vice president and now chief executive officer of CeNeRx, in a news release.
CeNeRx's first compounds are reversible inhibitors of monoamine oxidase (RIMAs) designed to treat depression and anxiety. Unlike two major classes of existing antidepressants, monoamine oxidase inhibitors and serotonin and noradrenaline reuptake inhibitors, RIMA compounds work on all three neurotransmitters in the body and block degradation and ultimately increase levels of the three key neurotransmitters associated with mood, anxiety and somatic disorders.
In addition to co-founding directors Barry Brand and Mark Baric, the board now includes Steve Elms and Tony Sun of the Perseus-Soros Biopharmaceutical Fund and Ting Pau Oei of L Capital Partners.
CeNeRx is based in Research Triangle Park, N.C.
| Issuer: | CeNeRx BioPharma, Inc.
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| Issue: | Venture capital
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| Amount: | $18.5 million
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| Round: | Series A
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| Investors: | Perseus-Soros BioPharmaceutical Fund (lead), L Capital Partners, A.M. Pappas & Associates, Wistar Morris
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| Announcement date: | Nov. 29
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