AURORA, Colo., June 20, 2018 /PRNewswire/ -- Cerebral Therapeutics, Inc., a clinical-stage company focused on implanted drug-device combination therapies to improve the lives of patients with uncontrolled neurological diseases, announced today the closing of a $3 million Series A financing by institutional investors Granite Point Capital Management, L.P., and Vivo Capital, LLC. Cerebral Therapeutics is currently exploring direct intracerebroventricular (ICV) administration of a proprietary formulation of an anti-epileptic drug to potentially enhance efficacy and reduce toxicity in adult patients with refractory epilepsy. This institutional investment follows the Company's promising results in a preliminary clinical proof of concept study being conducted in collaboration with Mark Cook, M.B.B.S., M.D., Professor and Sir John Eccles Chair of Medicine, Department of Medicine, University of Melbourne in Melbourne, Australia. Proceeds from the financing will be used to progress the company's lead program to an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) to enable further clinical development.
In conjunction with the financing, Warren Lammert, Founder and Chief Investment Officer of Granite Point Capital and former Chairman of The Epilepsy Foundation; Mahendra G. Shah, Ph.D., Managing Director at Vivo Capital; and Stephen J. Farr, Ph.D., Co-Founder, President and CEO of Zogenix, have joined the board of Cerebral Therapeutics. Andre Cheng, M.D., Ph.D., a serial medical entrepreneur and Partner and Portfolio Manager at Granite Point Capital will join as a Board Observer.
"I am excited about the significant capability our new investors and board members bring to Cerebral Therapeutics," said Dan Abrams, M.D., CEO of Cerebral Therapeutics. "We believe we are now well positioned to advance our potentially life-changing therapy for adult patients with refractory epilepsy while establishing a strong foundation for future therapeutic opportunities in other uncontrolled neurological conditions."
Mr. Lammert commented, "Chronic drug delivery directly to the brain is an innovative approach that offers hope to people living with uncontrolled seizures and to those living with other serious neurological disorders."
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 people experiencing uncontrolled seizures because no approved treatment has been effective. Cerebral Therapeutics' initial clinical program uses a specialized implanted, refillable catheter and pump system to deliver a continuous ICV dose of a proprietary formulation of valproic acid called CT001, for which Cerebral Therapeutics has an exclusive license agreement from the University of Colorado.
About Granite Point Capital
Granite Point Capital Management, L.P., is an SEC registered investment advisor that manages a family of research-driven long/short equity hedge funds. Granite Point invests in public and private companies at different stages of growth. Healthcare is an area of focus and in the past Granite Point has made private commitments to biotechnology, medical device and healthcare services companies. The firm was founded in 2004 and is based in Boston, MA. For more information, please visit www.granitepoint.com.
About Vivo Capital
Founded in 1996, Vivo Capital is an investment firm focused on investing in the fields of bioscience and healthcare with more than $1.8 billion under management. Vivo Capital has offices in Palo Alto, California and Beijing, Shanghai and Taipei, Greater China. So far, Vivo Capital has invested in more than 100 private and publicly listed healthcare companies.
About Cerebral Therapeutics
Cerebral Therapeutics is a clinical-stage company dedicated to improving the lives of patients living with uncontrolled neurological diseases, with an initial focus on refractory epilepsy. Founded by experts in the fields of neurology, neurosurgery and drug delivery, the Company is pioneering the development of long-term implanted drug-device combination therapies that bypass the blood-brain barrier to deliver optimal doses of specially formulated neurological therapeutics directly into the target region of the brain. The goal of this novel approach is to maximize efficacy while greatly reducing systemic drug exposure and enhancing drug regimen compliance. Cerebral Therapeutics' infusion therapy may offer a more efficacious and reliable approach to treating neurological diseases for which oral and I.V. infused medicines are not able to achieve adequate control and/or are limited by systemic toxicities. For additional information please visit www.cerebraltherapeutics.com
David Schemelia (Media)
SOURCE Cerebral Therapeutics, Inc.