- 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 Cha
|SOURCE CeNeRx BioPharma, Inc.|
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