CeNeRx BioPharma, a company that develops treatments for central nervous system diseases, has raised a $13M third round of funding. Existing investors Perseus Soros Biopharmaceutical Fund, L Capital Partners and Pappas Ventures participated in the round. The company plans to use the funding to conduct a Phase II trial of its drug TriRima, which treats depressive disorders. Based in North Carolina, CeNeRx has raised more than $49 million to date.
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 $13 million Series C financing. Existing investors Perseus Soros Biopharmaceutical Fund, L Capital Partners and Pappas Ventures all participated in the financing. CeNeRx plans to use the proceeds to conduct a Phase II trial of its improved formulation of its novel antidepressant TriRima™.
“These funds will support the Phase II trial of TriRima as monotherapy for treatment-resistant depression,” said Barry Brand, Chief Executive Officer of CeNeRx. “We are pleased with the continuing confidence and support of our investors and look forward to advancing the CeNeRx pipeline.”
CeNeRx is preparing to conduct a Phase II trial with an improved formulation of its lead product candidate TriRima for treatment-resistant depression. TriRima is a selective and reversible member of a novel class of drugs known as RIMAs, or reversible inhibitors of monoamine oxidase A (MAO-A). The triple action mechanism of TriRima elevates the levels of three key neurotransmitters that positively affect mood and anxiety, compared to the one or two neurotransmitters addressed by most current antidepressant drugs. This triple action mechanism may benefit patients not responding to traditional single or dual action products, while the selectivity and reversibility of TriRima are expected to eliminate or reduce the risk of food-associated cardiovascular effects of conventional MAO inhibitors.