- June 22, 2018
- Posted by: PharmaScroll
- Category:
As per an article published in PR Newswire, Cerebral Therapeutics announced the closing of a $3 million Series A financing by institutional investors Granite Point Capital Management, L.P., and Vivo Capital, LLC. Cerebral Therapeutics is currently exploring direct intracerebroventricular (ICV) administration of a proprietary formulation of an anti-epileptic drug to potentially enhance efficacy and reduce toxicity in adult patients with refractory epilepsy. This institutional investment follows the Company’s promising results in a preliminary clinical proof of concept study being conducted in collaboration with Mark Cook, M.B.B.S., M.D., Professor and Sir John Eccles Chair of Medicine, Department of Medicine, University of Melbourne in Melbourne, Australia. Proceeds from the financing will be used to progress the company’s lead program to an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) to enable further clinical development.
In conjunction with the financing, Warren Lammert, Founder and Chief Investment Officer of Granite Point Capital and former Chairman of The Epilepsy Foundation; Mahendra G. Shah, Ph.D., Managing Director at Vivo Capital; and Stephen J. Farr, Ph.D., Co-Founder, President and CEO of Zogenix, have joined the board of Cerebral Therapeutics. Andre Cheng, M.D., Ph.D., a serial medical entrepreneur and Partner and Portfolio Manager at Granite Point Capital will join as a Board Observer.
“I am excited about the significant capability our new investors and board members bring to Cerebral Therapeutics,” said Dan Abrams, M.D., CEO of Cerebral Therapeutics. “We believe we are now well positioned to advance our potentially life-changing therapy for adult patients with refractory epilepsy while establishing a strong foundation for future therapeutic opportunities in other uncontrolled neurological conditions.”
Mr. Lammert commented, “Chronic drug delivery directly to the brain is an innovative approach that offers hope to people living with uncontrolled seizures and to those living with other serious neurological disorders.”
Epilepsy is the fourth most common neurological problem in the world. Approximately three million people in the United States are living with epilepsy, with one million people experiencing uncontrolled seizures because no approved treatment has been effective. Cerebral Therapeutics’ initial clinical program uses a specialized implanted, refillable catheter and pump system to deliver a continuous ICV dose of a proprietary formulation of valproic acid called CT001, for which Cerebral Therapeutics has an exclusive license agreement from the University of Colorado.
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News Source: https://www.prnewswire.com/news-releases/cerebral-therapeutics-raises-series-a-financing-to-advance-clinical-stage-drug-device-combination-therapy-for-adult-refractory-epilepsy-300668840.html?tc=eml_cleartime
Image Source: https://www.healthline.com/health/bracelets-and-devices-epilepsy