NeuroTherapeutics Pharma Inc., which is developing drugs to combat central nervous system disorders, has closed a $43 million Series B round of funding that will take it through multiple Phase 2 clinical trials.
The company is readying its lead compound, NTP-2014, for an Investigational New Drug application with the U.S. Food and Drug Administration. Receiving IND approval would give NeuroTherapeutics the right to move forward with human clinical trials.
NeuroTherapeutics plans to file its IND by the end of the year and begin Phase 1 trials in 2011, said Brian Williams, vice president of corporate development.
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The latest round of funding featured four new investors–Fidelity Biosciences, MPM Capital and SR One, which co-led the transaction, and Pfizer Inc. Existing investors Novo Ventures and Thomas McNerney & Partners also participated, according to a statement from NeuroTherapeutics.
The company has received funding commitments of $48 million since its inception near the end of 2006, Williams said.
In addition to its lead compound, which treats epilepsy and pain, NeuroTherapeutics hopes to further develop its technology platform to treat other ailments associated with central nervous system “hyper-excitability.” The latest round of funding will aid in that effort.
Heath Lukatch, a partner at Novo Ventures and the chairman of NeuroTherapeutics’ board of directors, called the substantial fund-raise “a tremendous validation of the company’s technology and team,” according to the statement.
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In November, NeuroTherapeutics received a (pdf) $100,000 grant from the nonprofit Epilepsy Therapy Project.
NeuroTherapeutics has five employees. The company’s technology was developed in-house, Williams said.
