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news.CeNeRx BioPharma, a clinical stage company developing and commercializing innovative treatments for diseases of the central nervous system, has completed a $15 million series B financing.
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Existing investors Aisling Capital, L Capital Partners and Pappas Ventures participated in the funding round. CeNeRx plans to use the proceeds to conduct a Phase II clinical trial of its lead product candidate Tyrima for the treatment of major depressive disorder (MDD), to further characterize its preclinical cannabinoid pipeline and potentially to acquire additional development stage compounds targeted at CNS disorders.
In addition to initiating its Phase II program for Tyrima, CeNeRx has recently completed successful preclinical studies of its selective cannabinoid compounds for the treatment of pain, glaucoma and spasticity.
Mark Baric, president of CeNeRx, said: “This successful series B financing is a validation of the progress we are making in advancing Tyrima, which we believe has the potential to be an important new option in the $15 billion antidepressant market. These funds provide the resources we need to continue the positive momentum we have been achieving in our clinical and preclinical programs.”