RESEARCH TRIANGLE PARK, N.C., Dec. 9, 2011 /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 $4.85 million financing. Existing investors Perseus Soros Biopharmaceutical Fund, L Capital Partners, Pappas Ventures and Omega Funds all participated in the financing. CeNeRx plans to use the proceeds to complete its ongoing Phase II trial of the improved formulation of its novel antidepressant TriRima™ as monotherapy in treatment resistant depression, as well as to support advancement of its pipeline of promising agents for a variety of CNS disorders.
"Our Phase II trial of TriRima in treatment resistant depression is proceeding very well and these funds will primarily be used to help complete the study," said Barry Brand, Chief Executive Officer of CeNeRx. "The pace of enrollment has been excellent – we have enrolled almost 80% of the 360 patients targeted for this trial and hope to complete the study and report headline data by mid-2012."
Treatment resistant depression represents a large and serious problem, with between 30-50% of depressed patients not responding to traditional antidepressant therapy. The only FDA-approved medications for treatment resistant depression are atypical antipsychotics, which are associated with significant safety concerns such as tardive dyskinesia, metabolic syndrome, hypoglycemia and diabetes. TriRima has the opportunity to fill this therapeutic gap and to be the first monotherapy for treatment resistant depression that avoids the safety issues of the atypical antipsychotics.
Mr. Brand continued, "As expected, thus far in this Phase II trial we have seen no signs of the food-associated hypertensive effects of conventional MAO inhibitors. In addition, blinded assays of the subjects i
|SOURCE CeNeRx BioPharma, Inc.|
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