Amygdala Neurosciences Announces $5.6M Financing and Dr. Mack Mitchell's Expanded Role as CMO

SAN FRANCISCO, Nov. 18, 2019 /PRNewswire/ -- Amygdala Neurosciences, Inc. (a private company) is developing pharmacotherapies to address the growing unmet need associated with substance use disorder. Development of our lead compound ANS-6637 is supported by the November close of $5.6M financing and with the appointment of Dr. Mack Mitchell, a current member of the Amygdala Board of Directors, to also serve as the Amygdala Chief Medical Officer (CMO).

Dr. Mitchell brings over two decades of leadership in the field of basic and clinical addiction research. His experience includes serving as the Executive Vice President of Health System at the University of Texas Southwestern Medical Center; Chief of Gastroenterology and the Medical Director of Ambulatory Services at Johns Hopkins Bayview Medical Center; the Chairman of Internal Medicine at Carolinas Medical Center; a member of numerous NIH study sections, councils and committees; and a recipient of NIH/NIAAA awards for addiction research.

The use of proceeds from this financing, combined with financial support from the National Institute of Health (NIH) and Department of Defense (DOD), will fund ANS-6637 development through completion of four planned Phase 2 studies. The first outpatient Phase 2 study for alcohol use disorder is enrolling patients and planning and start-up activities are well underway for three additional Phase 2 studies for opioid, alcohol, and smoking/nicotine use disorders.

"The additional financial resources and the new contribution of Dr. Mitchell as the Amygdala's CMO will support our plans to conduct four Phase 2 proof of concept studies," said Dr. Lou Lange, Amygdala co-founder and Executive Chairman of the Board. "This strategy of parallel studies gives us multiple chances to win with four Phase 2 studies planned to read out in 2020 and early 2021."

About ANS-6637

ANS-6637 is a selective and reversible aldehyde dehydrogenase 2 (ALDH2) inhibitor, a new chemical entity with a novel mechanism of action for treating substance use disorder. Based on its mechanism of action in the brain, ANS-6637 inhibits pathophysiologic dopamine surge without changes to basal dopamine levels (Nature Medicine 16:1024, 2010). By preventing dopamine surges, which trigger cravings for drug use, ANS-6637 has the potential to prevent drug seeking behavior, craving and relapse. In preclinical studies, ALDH2 inhibition reduced self-administration, cue- and drug-primed relapse in nicotine, alcohol, cocaine, heroin, methamphetamine and binge eating models and also demonstrated anti-anxiety properties in models of stress. Amygdala acquired the asset ANS-6637 as a spin-out from Gilead Sciences. ANS-6637 has completed extensive Phase 1 studies in 150 human subjects and is currently in Phase 2 clinical development.

About Amygdala Neurosciences, Inc.

Amygdala is a biopharmaceutical company focused on addressing the large and growing unmet need associated with substance use disorders. Development programs include treatment of opioid, alcohol, and smoking/nicotine use disorders.

SOURCE Amygdala Neurosciences