Engrail Therapeutics – a precision neuroscience company focusing on developing transformational therapies to improve patients’ lives – announced the closing of an oversubscribed $157 million Series B financing round. The funding round was co-led by new investors F-Prime Capital, Forbion, and Norwest Venture Partners, with participation from RiverVest Venture Partners, Red Tree Venture Capital, funds managed by abrdn, Ysios Capital, Longwood Fund, Eight Roads Ventures, and existing investor Pivotal Life Sciences. Since being founded in 2019, the company raised over $220 million.
The funding from this round will drive the company’s pipeline’s advancement through multiple clinical development stages. The company develops therapies for the treatment of diseases with significant unmet medical needs, such as anxiety disorders, depression, posttraumatic stress disorder, and rare neurodegenerative diseases.
In connection with this funding round, Stacie Weninger, Ph.D. (F-Prime), Jasper Bos, Ph.D. (Forbion), Tiba Aynechi, Ph.D. (Norwest), Niall O’Donnell, Ph.D. (RiverVest), and Heath Lukatch, Ph.D. (Red Tree) have joined the Engrail board of directors.
KEY QUOTES:
“With strong financial backing from highly sophisticated and dedicated life science investors, we are well positioned to deliver multiple value-creating milestones. Notably, we look forward to completing our ongoing ENX-102 phase 2 study in generalized anxiety disorder and advancing the rest of our pipeline into clinical development. Engrail was fortunate to have been incubated under a tremendous commitment from Pivotal Life Sciences. We are excited to start the next chapter of our journey with some of the best thought partners in neuroscience and life sciences investing in our success.”
– Vikram Sudarsan, Ph.D., president and CEO of Engrail Therapeutics
“We see tremendous potential in Engrail’s pipeline and management team and are excited to participate in their development of transformative therapies for patients.”
– Stacie Weninger, Ph.D., board member and president of F-Prime Biomedical Research Initiative
“We are proud to have started Engrail, which has progressed rapidly from an idea into a clinical-stage neuroscience company within just a few years. We have assembled a strong Series B syndicate that positions the organization well for significant growth and pipeline advancement.”
– Peter Bisgaard, chairman of Engrail’s board of directors and managing director at Pivotal Life Sciences
