Cerevance, a company focused on developing precision novel therapeutics for central nervous system (CNS) diseases, announced an initial closing of its Series B-1 Extension financing round that will add $47 million to the $51 million previously raised, bringing the total Series B-1 raise to $98 million.
The funding was led by Agent Capital, Bioluminescence Ventures, and Double Point Ventures, with participation from new investors MQB Partners and LifeRock Ventures and existing investors Gates Frontier, GV (Google Ventures), and Lightstone Ventures. In conjunction with the financing, Campbell Murray, MD, MPP, MBA, Partner at Agent Capital, and Kouki Harasaki, Ph.D., MBA, Founder and Managing Partner at Bioluminescence Ventures, have joined the Cerevance Board of Directors.
The proceeds from this funding will support the upcoming Phase 3 clinical trial for CVN424, a first-in-class non-dopamine therapy for patients with Parkinson’s disease, and the advancement of a pipeline of novel treatments for other CNS disorders, including Alzheimer’s disease, Amyotrophic lateral sclerosis, and frontotemporal dementia.
The NETSseq (Nuclear Enriched Transcript Sort sequencing) platform is a powerful tool pinpointing uniquely expressed, novel target proteins – which may be exclusive to particular brain circuits or exhibit altered expression levels in diseased brains. And Cerevance has tackled one of the most significant hurdles in CNS drug discovery — the identification of novel, highly specific targets and has devised a clinically proven approach for target discovery and subsequent drug development.
Cerevance is advancing an expanding pipeline of clinical and preclinical programs, including the lead program CVN424, a first-in-class, oral, non-dopaminergic compound acting on a novel target (GPR6). Currently undergoing Phase 2 evaluation as a monotherapy for patients with early Parkinson’s disease yet to receive any Parkinson’s medications, CVN424 holds promise not only in alleviating motor fluctuations more effectively than existing oral therapies but also in possibly improving non-motor symptoms without the adverse effects associated with current treatments.
At the same time, Cerevance is advancing CVN293 which targets KCNK13 for the potential treatment of neurodegenerative conditions such as Amyotrophic lateral sclerosis, Alzheimer’s disease, and frontotemporal dementia. And the topline data from the ongoing Phase 1 clinical trial is expected in Q2 2024. The company’s earlier-stage pipeline includes multiple first-in-class opportunities in preclinical development, including programs focused on disease modification in Parkinson’s disease and Alzheimer’s disease.
KEY QUOTES:
“The support from new and existing investors underscores the ongoing advancements made by Cerevance. This upcoming year marks a crucial phase as we embark on the Phase 3 clinical trial for our flagship therapy, CVN424, and continue in discovering innovative, precision CNS treatments that will enrich our extensive pipeline.”
– Craig Thompson, chief executive officer of Cerevance
“There is a clear need for groundbreaking, innovative therapies for Parkinson’s disease. We are confident that Cerevance’s lead program, CVN424, holds promise in delivering significant benefits to individuals. We look forward to working with this talented management team and distinguished board of directors to further advance the development of new therapies for patients with CNS disorders.”
– Campbell Murray, MD, MPP, MBA, Partner at Agent Capital
“We strongly believe that Cerevance is at the forefront of revolutionizing the research and treatment of CNS disorders. The remarkable NETSseq platform is accelerating innovation and tangible clinical benefits are emerging from Cerevance’s precision approach to CNS therapies. We are incredibly pleased to partner with Cerevance in this next phase of development.”
– Kouki Harasaki, Ph.D., MBA, Founder and Managing Partner at Bioluminescence
