Cerecor Raises $6.8 Million in Series A-1 Financing
Cerecor Inc., a biopharmaceutical company developing neuroscience drugs that make a difference in underserved patient segments of common diseases, today announced that is has closed a $6.8 million Series A-1 preferred stock financing, bringing the total raised since the Company's inception in 2011 to $30 million. The proceeds from the transaction provide working capital to complete the acquisition and technology transfer of CERC-301, a selective NR2B antagonist candidate for the treatment of depression, and the COMT platform in-licensed from Merck.
"We are delighted by the response to our offering, as it continues to confirm the quality of our Company, our pipeline and our team," stated Blake M. Paterson, M.D., Co-founder & CEO of Cerecor. "We now intend to complete the necessary steps to move CERC-301 into a planned Phase 2 study, expected to begin in 4Q2013. The trial would evaluate the compound's potential as a new, selective, orally-available, rapid-acting antidepressant, which holds promise for patients whose depression is not responding to their current therapy."
About Cerecor Inc.
Cerecor Inc. is a privately held biopharmaceutical company focused on the development and commercialization of prescription pharmaceuticals whose primary site of activity is in the human nervous system. The Company is developing first-in-class drugs where human proof-of-concept has been established for the target, the molecule, or both in conditions for which established biomarkers are available to facilitate development. Cerecor's programs address the needs of underserved sub-segments of major diseases. Cerecor increases the probability of clinical success by employing specific trial methodologies that reduce placebo response rates and enhance efficacy signals. www.cerecor.com