Navigation Links
CeNeRx BioPharma Completes $15 Million Series B Financing
Date:10/17/2008

- New Funds Will Support Phase II Trial of Novel Antidepressant Tyrima(TM) and Advancement of Cannabinoid Compounds -

RESEARCH TRIANGLE PARK, N.C., Oct. 17 /PRNewswire/ -- CeNeRx BioPharma, Inc., a clinical stage company developing and commercializing innovative treatments for diseases of the central nervous system (CNS), today announced completion of a $15 million Series B financing. Existing investors Aisling Capital, L Capital Partners and Pappas Ventures participated in the funding round. CeNeRx plans to use the proceeds to conduct a Phase II clinical trial of its lead product candidate Tyrima(TM) for the treatment of major depressive disorder (MDD), to further characterize its novel preclinical cannabinoid pipeline and potentially to acquire additional development stage compounds targeted at CNS disorders.

"This successful Series B financing is a validation of the excellent progress we are making in advancing Tyrima, which we believe has the potential to be an important new option in the $15 billion antidepressant market," said Mark Baric, President of CeNeRx. "We appreciate the vote of confidence shown by our existing investors who all participated in the financing. These funds provide the resources we need to continue the positive momentum we have been achieving in our clinical and preclinical programs."

Tyrima is a selective and reversible member of a novel class of drugs known as RIMAs, or reversible inhibitors of monoamine oxidase A (MAO-A). In a separate press release issued today, CeNeRx announced the initiation of a Phase II clinical trial to evaluate the antidepressant efficacy of Tyrima in patients with MDD.

"We welcome this opportunity to invest in CeNeRx's progress as it begins a Phase II trial of Tyrima, which has the potential to be the first triple-action antidepressant with a safety profile appropriate for use by the many patients inadequately served by current treatments," said Steven A. Elms, CeNeRx Board Chairman and Managing Director at Aisling Capital. "We continue to be impressed by CeNeRx's commitment to excellence in advancing Tyrima into this well-designed Phase II clinical trial, and we look forward to supporting the company in this next stage of its development."

In addition to initiating its Phase II program for Tyrima, CeNeRx has recently completed successful preclinical studies of its selective cannabinoid compounds for the treatment of pain, glaucoma and spasticity.

"This is an exciting time for CeNeRx as we become a mid-clinical stage company, and we are gratified that our investors recognize our clinical and commercial potential," said Barry Brand, Chief Executive Officer of CeNeRx. "Our commitment to developing innovative CNS products is exemplified by Tyrima, one of the select few novel compounds being developed for the underserved antidepressant market, and we are in early discussions with potential partners for our selective cannabinoids, which are showing promise preclinically in a number of CNS-related conditions. Proceeds from the Series B financing will help make continued progress in these programs possible. With our expanded resources and capabilities, we are now also seeking to apply our expertise to other novel CNS compounds addressing major unmet needs."

CeNeRx has worldwide rights to develop and commercialize Tyrima. This compound, which could be the first RIMA antidepressant available in the U.S. market, has patent protection beyond 2027.

About CeNeRx BioPharma

CeNeRx is a privately held clinical stage biopharmaceutical company developing and commercializing innovative treatments for diseases of the central nervous system. CeNeRx's most advanced compound, a reversible inhibitor of monoamine oxidase, or RIMA, has entered Phase II development for the treatment of major depressive disorder. RIMAs may have efficacy advantages over current agents for depression and are expected to have a good safety profile. The company is also developing its pipeline of selective cannabinoid compounds that have recently completed successful preclinical proof-of-concept studies for the treatment of pain, glaucoma and spasticity. More information about CeNeRx BioPharma can be found at http://www.cenerx.com.

About Aisling Capital

Aisling Capital is a dedicated life sciences private equity firm with US$1 billion under management. Headquartered in New York, Aisling Capital invests in both private and public companies utilizing a wide variety of investment structures. The Aisling Capital team is led by investment professionals with clinical, operational and financial experience, which allows the firm to identify, execute and realize investments across the life sciences industry. For more information, visit http://www.aislingcapital.com.

About L Capital Partners

L Capital Partners is a mid-size venture capital fund that invests in development and later-stage companies in the healthcare, technology and energy & environment sectors. L Capital Partners is a committed multi-round investor that supports each of its 15 portfolio companies with a team of partners, principals and associates who have deep industry and financial expertise. Established in 2004, L Capital Partners has offices in New York and Tel Aviv. For more information, visit http://www.lcapitalpartners.com.

About Pappas Ventures

Pappas Ventures is a Research Triangle Park, North Carolina-based venture capital firm that invests nationally in the life science industry. Founded in 1994, Pappas has over $250 million under management invested in more than 40 portfolio companies throughout North America. The firm's primary areas of focus include biotechnology, specialty pharmaceuticals, drug delivery, and medical devices. For more information, visit http://www.pappasventures.com.

Contact:

GendeLLindheim BioCom Partners

Barbara Lindheim

212 918 4650


'/>"/>
SOURCE CeNeRx BioPharma, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Lilly Recognized as One of the Worlds Top Biopharmaceutical Employers
2. Millennium Ranks in the Top 10 Best Biopharma Employers in the World by Science Magazine
3. Morria Biopharmaceuticals Plc Announces Results From its Pre-Clinical Screening of Novel Anti-Inflammatory Compounds
4. Helix Biopharma Closes $11.4 Million Private Placement
5. ARCA biopharma to Present at JMP Securities Healthcare Focus Conference
6. Helix BioPharma Announces $11.4 Million Private Placement
7. Nomad Bioscience: New Plant Biotechnology Company Founded to Focus on Biomaterials and Biopharmaceuticals
8. Bayer Broadens Its Manufacturing Basis for Biopharmaceuticals in Tobacco Plants
9. Nuvelo and ARCA biopharma Announce Merger Agreement Creating Late-Stage Cardiovascular Biotechnology Company
10. Helix BioPharma to Present L-DOS47 Research Findings at the National Research Council of Canadas Eighth Annual General Meeting of the Genomics and Health Initiative in Saskatoon, Canada
11. FDA Accepts New Drug Application for Bucindolol, A Genetically-Targeted Treatment for Heart Failure From ARCA biopharma
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/22/2017)... 22, 2017 Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN), today ... (RGC), U.K. Biobank and GSK to generate genetic sequence data ... The initiative will enable researchers to gain valuable insights to ... wide range of serious and life threatening diseases. ... Genetic evidence ...
(Date:3/22/2017)... , March 22, 2017 Oramed Pharmaceuticals ... www.oramed.com ), a clinical-stage ... drug delivery systems, announced today that Dr. ... deliver a presentation titled, "Oral Insulin for Diabetes ... Cambridge Healthtech Institute,s Oligonucleotide and Peptide Therapeutics (OPT) Boston Conference ...
(Date:3/22/2017)... , March 22, 2017   Boston Biomedical , ... therapeutics designed to target cancer stemness pathways, today announced ... Andrews as Chief Executive Officer, effective April 24, ... Chiang J. Li , M.D., FACP, who has led ... ago. Under his leadership, Boston Biomedical has grown from ...
(Date:3/22/2017)... (PRWEB) , ... March 21, 2017 , ... Benchworks ... Science Chief Executive Officer Forum on March 23-24 in San Diego. The event ... device and diagnostic industries. , Benchworks Vice President Christian Meyer will also participate ...
Breaking Biology Technology:
(Date:3/7/2017)... 7, 2017 Brandwatch , the leading social intelligence ... Prince,s Trust to uncover insights to support its reporting, help ... The UK,s leading youth charity will be using Brandwatch Analytics ... get a better understanding of the topics and issues that are ... ...
(Date:3/2/2017)... YORK , March 2, 2017 Summary ... better understand Perrigo and its partnering interests and activities since ... ... Partnering Deals and Alliance since 2010 report provides an in-depth ... leading life sciences companies. On demand company reports ...
(Date:3/2/2017)... , March 2, 2017 Australian stem ... (ASX: CYP), has signed an agreement with the ... the Monash Biomedicine Discovery Institute and Department of Pharmacology ... conduct a further preclinical study to support the use ... of asthma.  Asthma is a chronic, ...
Breaking Biology News(10 mins):