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New Business Spin-off to Focus on Drug Development for Neurological Conditions
BROOMFIELD, Colo., April 15 /PRNewswire/ -- Accera, Inc., a biotechnology company delivering breakthrough therapies in central nervous system (CNS) diseases, announced today the formation of Neuera Pharmaceuticals, Inc., a drug development company. The new company will focus on the discovery and development of proprietary small molecule drugs for acute and chronic neurological conditions where the mechanism of defective energy metabolism or hypometabolism is involved.
Neuera Pharmaceuticals will operate as a wholly owned subsidiary and will be spun out of Accera as a stand-alone company after the completion of a $12 million series A financing round. Existing Accera investors have already committed to participate in the capital raise. Some of Accera's management and staff will join the newly formed company, and the current small molecule pipeline at Accera including the preclinical compounds, AC-0523 and AC-8632, have been transferred to Neuera. In addition to in-house development of small molecules, Neuera Pharmaceuticals is actively pursuing the license or acquisition of late clinical-stage products for CNS diseases or conditions that complement the hypometabolism platform.
"The division of our pipeline and Axona(TM) product between two organizations allows each one to concentrate on the unique regulatory requirements for their respective class of products. Each company will be a regulatory and market pure play that is better appreciated by investors and the industry," said Steve Orndorff, Ph.D., Accera's founder and CEO. "Furthermore, we believe the success of Axona in the marketplace will provide a real world validation of the energy metabolism platform for Neuera Pharmaceuticals' pipeline development."
On March 2nd Accera launched Axona, a first-in-class medical food product for the clinical dietary managem
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| SOURCE Accera, Inc. Copyright©2009 PR Newswire. All rights reserved |
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