Syremis Therapeutics, a clinical-stage biopharmaceutical company focused on mental health, has launched with $165 million in Series A financing to advance a neuropsychiatric pipeline rooted in clinically validated biology. The round was co-led by Dexcel Pharma and Third Rock Ventures, with participation from Bain Capital Life Sciences, GV, QVT, and Pictet.
The company’s lead program, ST-905, is a potent dual M1/M4 muscarinic agonist currently in Phase 1 clinical development for schizophrenia and other neuropsychiatric conditions. Syremis said ST-905’s potency and pharmaceutical properties could support once-daily oral dosing and potential development of a long-acting injectable formulation across multiple symptom domains and indications.
Syremis is also advancing ST-901, a novel NMDA antagonist in IND-enabling studies that the company expects to enter Phase 1 development next year. ST-901 is being developed for major depressive disorder and bipolar depression. Both ST-905 and ST-901 were initially discovered and developed at Clexio Biosciences and later spun out into Syremis.
Syremis is led by co-founder and CEO Elisabeth Kogan, alongside co-founder and chief development officer Elena Kagan and co-founder and chief technology officer Menashe Levy. The board includes Ilan Oren (board chair and co-CEO of Dexcel Pharma), Reid Huber (partner at Third Rock Ventures), Uri Oren (co-CEO of Dexcel Pharma), Steve Paul (Syremis co-founder and former CEO and chair of Karuna Therapeutics), Ray Sanchez (senior advisor at Bain Capital Life Sciences and former CMO of Cerevel), and Kogan. Leerink Partners served as exclusive financial advisor to the financing.
KEY QUOTES
“Syremis was founded with a shared vision to advance mental health care through innovation grounded in emerging scientific and clinical insights. We are excited to announce the Series A financing to rapidly advance our pipeline into clinical proof of concept.”
Elisabeth Kogan, Co-Founder and CEO, Syremis Therapeutics
“Schizophrenia and Alzheimer’s disease psychosis remain two of the most challenging of all neuropsychiatric disorders, and the need for new and effective therapies could not be greater. With its balanced M1/M4 profile and promising pharmaceutical properties, Syremis has the potential to build on important clinical progress and ultimately transform the treatment landscape for patients and their families.”
Steve Paul, MD, Co-Founder and Board Member, Syremis Therapeutics
“We are proud to support Syremis in its mission to bring forward novel, clinically grounded approaches for serious mental illness. The combination of a seasoned leadership team, compelling science, and strategic focus positions the company to deliver meaningful impact for millions of patients worldwide.”
Ilan Oren, Co-CEO, Dexcel Pharma
“Syremis embodies the values we prioritize in our company-building efforts. With a highly capable team and compelling scientific foundation, the company is well-equipped to drive its programs forward with urgency and conviction.”
Reid Huber, Partner, Third Rock Ventures
