Helicon gins $50M for memory-enhancing trials

San Diego-based Helicon Therapeutics has reportedly raised $50 million in new venture funds to help it pursue the clinical development of memory-enhancing therapies.

Xconomy scribe Bruce Bigelow carried the news of the financing, which he dug out of SEC documents. Company officials, though, failed to illuminate who provided the money and what its exact plans are now that it has successfully bankrolled its operations. Helicon's founders include Tim Tully, a scientist from Cold Spring Harbor Laboratory who is credited with the discovery of the CREB gene, which can turn short-term memory into long-term memory.

According to Discover, Helicon completed a human safety study last year with a new trial slated for 2009. Helicon was founded in 1997 and moved from Framingdale, NY to San Diego about a year and a half ago.

- read the report from Xconomy