CeNeRx has announced the completion of $9 million financing. The financing includes a $5 million credit facility from MidCap Financial, and an additional $4 million invested by current shareholders Aisling Capital, L Capital Partners, and Pappas Ventures.
CeNeRx plans to use the proceeds to advance its pipeline of promising clinical and preclinical stage compounds for mood disorders, neurodegenerative conditions, and pain and spasticity.
Barry Brand, CEO, CeNeRx, said: “In addition to supporting our Phase-II compound TriRima for the treatment of major depressive disorder, these funds will help advance our exciting new product candidate for neurodegenerative disorders, CXB909, into clinical trials later this year, and will also support progression of our earlier-stage portfolio of cannabinoids.”
“We are pleased at the confidence from our current investors and new partners at MidCap Financial in our promising and growing pipeline of innovative CNS compounds,” he added.