BrainCells increases series B financing to $50 million

New investor, New Enterprise Associates (NEA), along with current investors and Alexandria Real Estate Equities, participated in the extension. As part of the financing extension, the company has announced the addition of Chuck Newhall, general partner and co-founder of NEA, to its board of directors.

The financing will be used to continue clinical development of the company’s product candidates including a Phase II trial with BCI-540, and to identify additional assets to further expand its pipeline.

Jim Schoeneck, CEO of BrainCells, said: “Only weeks after closing our first round of the Series B financing, we are thrilled with the result of the second close and bringing in the support of NEA, another high-quality investor. Chuck’s decades of experience in the industry will be a tremendous asset to the company as we build momentum in the clinic this year.”