Colorado-based Accera, a biotech company exploring CNS therapies, announced today that it is launching a spin-off company called Neuera Pharmaceuticals. Neuera will operate as a subsidiary of Accera and stand-alone company after the completion of a $12 million series A financing round. Accera's existing investors have already committed to financing the venture.
Neuera will develop small molecule drugs for certain acute and chronic neurological conditions. This includes AC-0523 and AC-8632, part of Accera's current preclinical pipeline. Some of Accera's management and staff will join the newly formed company. Neuera Pharmaceuticals will also pursue deals for late clinical-stage products for CNS diseases or conditions that complement the hypometabolism platform.
By off-loading its small molecule pipeline, Accera said it will be able to focus its efforts on promoting Axona, a recently-approved medical food product for the clinical dietary management of the metabolic processes associated with mild-to-moderate Alzheimer's disease.
"The division of our pipeline and Axona product between two organizations allows each one to concentrate on the unique regulatory requirements for their respective class of products. Each company will be a regulatory and market pure play that is better appreciated by investors and the industry," said Accera CEO Steve Orndorff. "Furthermore, we believe the success of Axona in the marketplace will provide a real world validation of the energy metabolism platform for Neuera Pharmaceuticals' pipeline development."
Related Articles:
Accera raises $35M [1]
Accera raises $7.5M in VC [2]
Links:
[1] http://www.fiercebiotech.com/story/accera-raises-35m/2008-11-12
[2] http://www.fiercebiotech.com/story/spotlight-accera-raises-7-5m-in-vc/2006-08-17