Tuesday January 7, 2020 0 comments
AURORA -- Cerebral Therapeutics, a clinical-stage pharmaceutical company developing innovative treatments for uncontrolled neurological diseases, today announced a $35 million Series B financing led by RA Capital Management, with participation from additional new investor Perceptive Advisors and existing investors Vivo Capital, LLC and Granite Point Capital Management, L.P.
Matthew Hammond of RA Capital Management and Weston Nichols of Perceptive Advisors will join the company's board of directors.
Cerebral said it plans to use Series B proceeds to conduct an international Phase 2b double-blind, randomized, placebo-controlled clinical trial of its proprietary investigational product candidate (CT-010) for the treatment of uncontrolled seizures in adults with medically refractory epilepsy.
Cerebral Therapeutics uses a proprietary implanted infusion system to deliver continuous doses of CT-010 intracerebroventricularly (ICV). This novel drug-device combination treatment is intended to increase brain exposure thereby maximizing efficacy, reducing systemic drug exposure, and improving safety while enhancing therapy adherence.
"We are pleased to announce completion of our Series B financing, enabling the company to further develop CT-010 for the treatment of refractory epilepsy, a serious and life-threatening condition," said Dan Abrams, Cerebral’s CEO.
"The emerging data from our ongoing Phase 2a study demonstrates that direct brain administration of our proprietary anti-epileptic therapeutic has the potential to dramatically reduce seizure burden and to positively impact the lives of patients with refractory epilepsy.
“We look forward to initiating the Phase 2b trial and to sharing our progress as new data emerge."
"The Cerebral Therapeutics team is pursuing a creative approach to drug delivery that addresses the key disadvantages of oral antiepileptic drugs," said Matthew Hammond, principal at RA Capital Management.
"We feel privileged to support this team as they work toward bringing better therapeutic options to patients living with medically refractory epilepsy."
"We see the profound negative impact of refractory epilepsy on the lives of people every day," said Sonya Dumanis, senior director of innovation at the Epilepsy Foundation.
"This is the reason we have looked to support new therapies in this area and companies like Cerebral Therapeutics. We are excited to learn about the new data that will come from the Phase 2b trial and what it will mean to those suffering with this life-threatening disease."
Epilepsy is the fourth most common neurological condition globally. Approximately 3.4 million people in the United States are living with epilepsy today, and up to one-third continue to experience seizures despite drug treatment.
The annual cost for patients with epilepsy in the United States is estimated to be approximately $12.5 billion.