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news.Psyadon Pharmaceuticals, a pharmaceutical company engaged in the discovery and development of drugs for serious neurological and psychiatric disorders, has announced that New Enterprise Associates, a venture capital firm, has invested $8 million in a private financing.
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Simultaneous with the financial closing, Psyadon and Schering executed an agreement under which Psyadon will acquire worldwide rights to Schering’s selective dopamine D1 receptor antagonist, ecopipam.
The new funds will be used to advance the clinical development of ecopipam for the treatment of serious central nervous system disorders.
Richard Chipkin, president and CEO of Psyadon, said: “We are delighted that New Enterprise Associates has decided to invest in our company, and this investment reflects their confidence in the commercial potential of ecopipam.
“We believe that ecopipam will be beneficial for a variety of serious neurological diseases that are poorly treated – if at all – by presently available drugs.”