AURORA, Colo., Jan. 7, 2020 /PRNewswire/ -- Cerebral Therapeutics, a clinical-stage pharmaceutical company developing innovative treatments for uncontrolled neurological diseases, announced today 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, Ph.D. of RA Capital Management, and Weston Nichols, Ph.D. of Perceptive Advisors, will join the Board of Directors.
The Company 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, M.D., chief executive officer of Cerebral Therapeutics. "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, Ph.D., 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.
About RA Capital Management
RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The flexibility of its strategy allows RA Capital to provide seed funding to startups and to lead private, IPO, and follow-on financings for its portfolio companies, both facilitating the crossover process and allowing management teams to drive value creation with fewer capital concerns from inception through commercialization.
About Perceptive Advisors
Founded in 1999, Perceptive Advisors focuses on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare. Today, the firm manages approximately $4.2 billion+ across our strategies.
About Cerebral Therapeutics
Cerebral Therapeutics is a clinical-stage company dedicated to improving the lives of patients living with severe refractory epilepsy and other uncontrolled neurological diseases. Founded by experts in the fields of neurology, neurosurgery, and drug delivery, the Company is pioneering the development of drug-device combination therapies that enable precise targeted delivery to the central nervous system. The goal of this novel approach is to maximize efficacy while greatly reducing systemic drug exposure and enhancing drug regimen compliance. Cerebral Therapeutics' intracerebroventricular (ICV) infusion therapy may offer a more efficacious and reliable approach to treating neurological diseases for which oral medications are not able to achieve adequate control and/or are limited by systemic toxicities. For more information please visit www.cerebraltherapeutics.com.
SOURCE Cerebral Therapeutics