Friday March 8, 2019 0 comments
AURORA -- Cerebral Therapeutics, a clinical stage company developing reformulated medications that bypass the blood brain barrier using chronic implantable infusion systems to improve the lives of patients with medically refractory epilepsy, announced closing a $7.8 million extension of its Series A financing by institutional investors Granite Point Capital Management, L.P., and Vivo Capital, LLC.
The financing brings the total Series A investment to $11 million, the company said.
Cerebral Therapeutics is currently conducting a proof-of-concept study in adult patients at Australia's University of Melbourne using its proprietary formulation of an anti-epileptic drug delivered via direct intracerebroventricular (ICV) administration.
The study demonstrated potentially enhanced efficacy and reduced toxicity in patients with medically refractory epilepsy. Proceeds from the financing will be used to file an IND with the U.S. Food and Drug Administration (FDA) to initiate a Phase 2 clinical trial, the company said.
"We are grateful for our investors' continued support and contribution to advance the company's therapy for medically refractory epilepsy," said Dan Abrams, CEO of Cerebral Therapeutics.
"We have seen meaningful improvement in patients with uncontrolled seizures and we have seen evidence that our therapy is potentially life changing."
Epilepsy is the fourth most common neurological problem in the world. Approximately three million people in the United States are living with epilepsy, with one million experiencing uncontrolled seizures because medications and surgery have not worked for the majority of these patients.
Cerebral Therapeutics' therapy uses a specialized implanted, refillable catheter - pump system to deliver a continuous ICV dose of its proprietary formulation of valproic acid called CT001, for which Cerebral Therapeutics has an exclusive license agreement from the University of Colorado.