Cerecor Inc , a clinical stage biopharmaceutical company developing innovative treatments to make a difference in the lives of patients suffering from nervous system disorders today announced the closing of the first tranche of a M Series B financing The investment round was led by New Enterprise Associates NEA Apple Tree Partners ATP and MPM Capital Proceeds from the round will support the development of Cerecor’s lead product candidate CERC-301 a first-in-class oral selective NR2B inhibitor in Phase 2 development as a once-a-day adjunctive therapy for severe MDD major depressive disorder with a rapid onset of action and its catechol-O-methyltransferase COMT inhibitor platform for various conditions characterized by impairment of executive function and working memory
This financing enables Cerecor to continue to advance our compounds in nervous system disorders including completion of Phase 2 development of CERC-301 which has the potential to save lives for patients experiencing major depressive disorder with suicidal ideation We are building on intravenous ketamine’s extensive clinical experience with a more selective and specific oral agent that has the potential for improved safety said Blake M Paterson MD Cerecor co-founder and CEO We are honored to have an outstanding group of investors who share our vision and are providing the funding to enable us to move both CERC-301 and our COMT platform forward ‘
Cerecor is committed to developing neuroscience compounds that could truly make a difference in patients lives and this financing brings together an international group of investors committed to advancing the Company’s lead product candidate CERC-301 said Jim Barrett General Partner of NEA In an early clinical study conducted at the NIMH CERC-301 demonstrated its potential for rapid onset of antidepressant effect which would address a key unmet need for patients with depression The Company has made outstanding progress in the last twelve months on this program ‘
The Cerecor Board of Directors now consists of Sol Barer PhD former Chairman and CEO at Celgene James Barrett PhD General Partner at NEA Eugene Bauer MD Chief Medical Officer and Director at Dermira Isaac Blech Cerecor Co-founder Luke Evnin PhD Managing Director at MPM Capital Magnus Persson MD PhD Director Scandinavian Node at Karolinska Institute Behshad Sheldon Venture Partner at Apple Tree Partners Mayukh Sukhatme MD Partner at Apple Tree Partners Frank Torti MD Principal at NEA and Blake Paterson MD Co-founder President and CEO of Cerecor
Cary Sucoff and John Catsimatidis have stepped down from Cerecor’s Board of Directors We would like to thank Cary and John for their years of service in helping to establish Cerecor as a leader in the development of innovative neuroscience drugs to make a difference in the lives of patients with major unmet medical needs said Dr Paterson
About CERC-301
CERC-301 is a novel and selective antagonist of the NMDA receptor subunit 2B It has the potential to be a first-in-class oral medication that is complimentary to existing treatments with a rapid onset of action in patients with depression and recent suicidal ideation who have not adequately responded to their current therapy These therapies are often limited by modest response rates poor remission rates slow onset of action and problematic side effects Cerecor is conducting a 135 subject placebo-controlled Phase 2 study of CERC-301 in this indication with results expected by year-end 2014
About Cerecor
Cerecor Inc Cerecor is a Baltimore-based biopharmaceutical company developing innovative treatments to make a difference in the lives of patients suffering from neuropsychiatric diseases by addressing the unmet medical needs of underserved patient segments We are committed to the development of drugs that improve lives by applying our extensive knowledge and experience in central nervous system disorders a href=”http://www cerecor com target=”_blank”>www cerecor com
