Healthcare Industry News: Novo Ventures
News Release - May 20, 2010
NeuroTherapeutics Pharma Closes $43 Million Series B Financing and Adds Four New InvestorsCHICAGO--(HSMN NewsFeed)--NeuroTherapeutics Pharma, Inc. (NTP), a biopharmaceutical company focused on developing novel therapies for central nervous system (CNS) disorders, announced today that it closed a $43 million Series B financing. New investors include Fidelity Biosciences, MPM Capital and SR One, who co-led the transaction, and Pfizer, Inc. Existing investors Novo Ventures and Thomas McNerney & Partners also participated in the round.
NTP is developing compounds that work through a specific and unique mechanism of action that is unlike that of any marketed product. Compounds of this mechanism, including the company’s lead molecule NTP-2014, have potential application across numerous diseases, including epilepsy, pain and other CNS indications. The company’s Series B financing will advance NTP-2014 up to and through multiple proof-of-concept Phase II trials and further develop a pipeline to expand this new class of therapy.
“In preclinical studies, the company has shown that its compounds have the potential to create new therapies for patients suffering from epilepsy, neuropathic and acute pain that significantly improve upon those that are currently available. This large investment in NTP speaks to that unmet need as well as to the company’s potential to transform the marketplace by developing therapies that act in a new way,” said Stephen Collins, MD, PhD, Chief Executive Officer of NeuroTherapeutics Pharma.
Thomas Beck, MD, Venture Partner at Fidelity Biosciences, commented, “Having worked in this space for many years, it was easy to see that NTP was developing something very exciting. The efficacy and safety data observed to date is extremely differentiating.” Rajeev Dadoo, PhD, Partner at SR One, concurred, “NTP’s unique and proprietary technology has significant potential in epilepsy and pain. We look forward to advancing in those areas as well as strengthening and broadening the platform.”
Along with Drs. Dadoo and Beck, Luke Evnin, PhD, Managing Director at MPM Capital, and Elaine Jones, PhD, Executive Director at Pfizer Venture Investments, will join the company’s board of directors. “We are very excited to welcome these four world class investors to NeuroTherapeutics Pharma,” stated Heath Lukatch, PhD, Partner at Novo Ventures and the Chairman of NTP’s Board of Directors. “To have raised such a significant amount of capital in this environment is a tremendous validation of the company’s technology and team.”
About NeuroTherapeutics Pharma
NeuroTherapeutics Pharma is a privately held life sciences company which is focused on the discovery and development of novel therapeutics for patients suffering from CNS disorders. The company is developing compounds that decrease or eliminate aberrant excitatory discharges by working through a new mechanism of action which is unlike that of any marketed product. NTP’s proprietary molecules target a novel molecular site that will create a pipeline of potential new treatments for multiple CNS disorders. NTP-2014, the company’s lead compound, has exhibited excellent efficacy results in multiple preclinical models of epilepsy, acute and neuropathic pain. NTP-2014 has also demonstrated a very favorable safety profile in IND-enabling (GLP) subchronic toxicology studies. NeuroTherapeutics Pharma is led by a strong management team with significant drug development experience in the CNS space. Additional information can be found at the company's website: www.ntprx.com.
Source: NeuroTherapeutics Pharma
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