Synchroneuron Raises $20 Million in Series B to Fund Continued Development of SNC-102 for Neuropsychiatric Disorders
WALTHAM, Mass., Jul 02, 2014 (BUSINESS WIRE) -- Synchroneuron Inc. , a biopharmaceutical company engaged in developing new therapies to treat tardive dyskinesia (TD) and other neuropsychiatric disorders, today announced the closing of a $20 million Series B funding round from sole-investor Morningside Technology Ventures Limited. This funding supports the continued development of SNC-102, a new formulation of acamprosate calcium currently being studied in a Phase 2 trial to treat moderate-to-severe tardive dyskinesia (TD).
"Morningside's investment in Synchroneuron demonstrates our belief in the potential of SNC-102 to safely and effectively treat neuropsychiatric disorders such as tardive dyskinesia as well as its potential in additional indications," said Gerald Chan, Chairman of Morningside Technology Ventures.
Top-line data from Synchroneuron's Phase 2, multi-center, randomized, double-blind, placebo-controlled trial of SNC-102 is expected early in 2015. Approximately half of the subjects have entered or already completed the study. In addition, Synchroneuron expects to begin open label studies of SNC-102 in Tourette syndrome and post-traumatic stress syndrome (PTSD) to prove the concept of the drug's broader efficacy for neuropsychiatric disorders potentially related to glutamate/GABA imbalance.
"SNC-102 has the potential to be the first FDA-approved drug for tardive dyskinesia, a debilitating and often irreversible movement disorder," said William Kerns, DVM, Chief Executive Officer of Synchroneuron Inc. "In addition, SNC-102's distinct mechanism of action, which modulates activity of glutamate without producing the toxicity associated with NMDA antagonists or benzodiazepine-like drugs, may translate into a treatment option for patients with Tourette syndrome and PTSD."
Funds from the Series B will support the Company's active formulation improvement program, additional open label studies of SNC-102 and preclinical studies to better understand acamprosate's pharmacokinetics and mechanism of action through the end of 2016.
Synchroneuron Inc. is a privately held life science company based in the Boston area engaged in developing novel treatments to treat tardive dyskinesia (TD) and other neuropsychiatric disorders. Synchroneuron Inc. was founded in 2011 by inventor and neurologist Barry Fogel, MD, and the principals (William Kerns, DVM, Kei-Lai Fong, PhD, and Marc Cote) of Accellient Partners LLC, a consulting firm that provides drug development expertise and services to established biopharmaceutical companies and life science startups; Accellient led the formation and funding of Synchroneuron. Synchroneuron secured $6 million in Series A financing in 2012 from Morningside Technology Ventures Limited, a leading life science venture capital firm. Please visit www.synchroneuron.com for more information.
Morningside Technology Ventures Limited
Morningside, founded in 1986, is a diversified investment company with portfolio investments in private equity and technology ventures. The group invests actively in biotech companies founded on novel science. For more information, visit www.morningside.com .
About Tardive Dyskinesia
Tardive dyskinesia (TD) is a chronic movement disorder caused by prolonged exposure to medications that block dopamine receptors, including antipsychotic drugs and some drugs used to treat nausea. It is characterized by involuntary, repetitive movements that usually involve the face and in more severe cases affect the trunk and/or extremities. Involuntary movements of the lips, cheeks, tongue and jaw are typical. The disorder is irreversible in the majority of cases. TD may affect as many as one million people in the U.S. alone and 200,000 or more with moderate to severe symptoms. TD has been recognized for nearly six decades but to date there is no generally-accepted or FDA-approved treatment.
SNC-102 is a unique formulation of acamprosate calcium, an FDA-approved drug for treating alcohol dependence. The use of acamprosate calcium in the treatment of tardive dyskinesia (TD) was pioneered by Synchroneuron co-founder and inventor, Barry Fogel, MD, a neuropsychiatrist and behavioral neurologist at the Brigham and Women's Hospital and Clinical Professor of Psychiatry at Harvard Medical School. SNC-102 was developed by Synchroneuron to improve the pharmacokinetic properties of acamprosate. Synchroneuron's Phase 1 studies have shown that SNC-102 can produce sustained plasma levels of acamprosate that are anticipated to be efficacious for treating TD and potentially other neuropsychiatric disorders.
SOURCE: Synchroneuron Inc.
David Connolly, 617-374-8800, Ext. 108