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BrainCells Inc. Expands Series B Financing to $50 Million
Date:4/17/2008

SAN DIEGO, April 17 /PRNewswire/ -- BrainCells Inc. (BCI), a biopharmaceutical company utilizing its platform technology to identify and develop compounds that promote the growth of new neurons for the treatment of central nervous system (CNS) diseases, announced today that it raised an additional $20 million in an extension of its Series B financing, bringing the total to $50 million. New investor, New Enterprise Associates (NEA), along with current investors and Alexandria Real Estate Equities, Inc. participated in the extension. Other investors that participated in the Series B included MedImmune Ventures, Oxford Bioscience Partners, Technology Partners, Pappas Ventures and NeuroVentures. The financing will be used to continue clinical development of BCI's product candidates including a Phase 2 trial with BCI-540, and to identify additional assets to further expand its pipeline.

As part of the financing extension, BCI announced the addition of Chuck Newhall, general partner and co-founder of NEA, to its Board of Directors. Prior to NEA, he was a Vice President at T. Rowe Price Associates. Before that, Mr. Newhall founded the Mid-Atlantic Venture Capital Association (MAVA) and currently serves as Chairman Emeritus. His board memberships include Bravo by ElderHealth, CoGenesys, Hospital Partners of America, Pharmos, Sensors for Medicine & Science, Supernus Pharmaceuticals, TargetRx, Trine Pharmaceuticals, and Vitae Pharmaceuticals.

"Only weeks after closing our first round of the Series B financing, we are thrilled with the result of the second close and bringing in the support of NEA, another high-quality investor," said Jim Schoeneck, CEO of BCI. "Chuck's decades of experience in the industry will be a tremendous asset to the company as we build momentum in the clinic this year."

BCI recently initiated a Phase 2a clinical trial with its lead product candidate, BCI-540, for the treatment of depression. The Company in-licensed BCI-540 in
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SOURCE BrainCells Inc.
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