The Series A financing has been led by Adams Street Partners and Latterell Venture Partners.
GLYX-13 is a glycine-site functional partial agonist (GFPA) selective modulator of the NMDA receptor (NMDAR).
In the preclinical studies, GLYX-13 has showed antidepressant-like activity of ketamine, including its rapid onset and long duration of effect, with no signs of side effects.
In a Phase I trial, GLYX-13 was well tolerated.
The company expects to start patient recruitment in a Phase II trial of GLYX-13 in patients who are not achieving an adequate response to their current antidepressant agents.
In addition to GLYX-13, Naurex is developing the NRX-1050 series of GFPAs, including numerous second-generation, orally available molecules with structures and mechanisms of action similar to GLYX-13.
Adams Street Partners’ Terry Gould said they are pleased to co-lead this Series A financing for Naurex as the company prepares to launch a Phase II trial testing GLYX-13 in treatment-resistant depression.