Baltimore biotech Cerecor raised $26 million in an IPO to bankroll its work on treatments for depression, issuing warrants to bring in the cash it needs.
Cerecor acquired the rights to an Eli Lilly antidepressant, planning to take the drug into Phase II as a treatment for addictive disorders.
Baltimore-based Cerecor has gathered up the first half of a $33 million B round, with plans to devote much of that money to a midstage development program for an experimental depression therapy recently punted by a restructuring Merck.
A biotech with close ties to Johns Hopkins has snagged an added $6.8 million in backing, which will be used to in-license an antidepressant out of the Merck pipeline and prep it for a Phase II study.
The former CEO of Alba Therapeutics, Blake Paterson, has put together a $22 million A round to launch his new biotech in Baltimore.