Novartis Venture Funds and Venture Investors led a $24 million Series A financing for Euthymics Bioscience, which is developing antidepressants. The funding helps Cambridge, MA-based Euthymics complete its acquisition of DOV Pharmaceutical and supports continued development of DOV's antidepressant, EB-1010 (DOV 21,947), for patients who do not respond to SSRIs. As many as two-thirds of those in need of antidepressants can't take SSRIs due to side effects. EB-1010, which is expected to head into Phase II/III testing next year, could treat depression without the side effects of weight gain and sexual dysfunction that often come with SSRI use. The trial could produce results by the middle of 2012.
"You don't see $24 million Series A deals that often," CEO Anthony McKinney tells Xconomy. "This drug has a great efficacy profile, without some important side effects, and a team that knows how to develop antidepressants. With a syndicate of this quality, you can tell this is something important." With the DOV purchase, Euythmics also gained access to other experimental neurology compounds for attention-deficit hyperactivity disorder, obesity, anxiety, obsessive compulsive disorder and drug addiction, according to Xconomy.
- check out the Euthymics release
- read the Xconomy piece for more