Company also advances precision therapeutics for neurodegenerative diseases including Alzheimer’s, ALS and frontotemporal dementia.
Precision therapeutics company Cerevance has announced a $47 million Series B-1 extension funding round to advance its programs in central nervous system disorders. The financing is intended to support the company into a Phase 3 clinical trial for the company’s investigational non-dopamine therapy (CVN424) for Parkinson’s disease, as well as advancing its therapeutic pipeline in Alzheimer’s, ALS and frontotemporal dementia.
Currently undergoing Phase 2 evaluation, Cerevance claims CVN424 has the potential to alleviate motor fluctuations more effectively than existing oral therapies, while also improving non-motor symptoms without the adverse effects associated with current treatments.
“The support from new and existing investors underscores the ongoing advancements made by Cerevance,” said Craig Thompson, CEO of 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.”
Cerevance’s approach to drug discovery hinges on its proprietary Nuclear Enriched Transcript Sort sequencing (NETSseq) platform, which enables the identification and validation of novel therapeutic targets in neurological diseases. Beyond the development of the company’s own pipeline, the platform has also attracted interest from Big Pharma, as evidenced by a potential $1.1 billion collaboration with Merck to identify novel targets for Alzheimer’s disease.
Having previously raised $51 million, the latest extension brings the total raised by Cerevance in its Series B-1 to $98 million. The round was co-led by Agent Capital, Bioluminescence Ventures and Double Point Ventures, with participation from new and existing investors, including MQB Partners, LifeRock Ventures, GV (Google Ventures) and Lightstone Ventures.
Following the funding, Campbell Murray of Agent Capital and Kouki Harasaki of Bioluminescence Ventures have joined Cerevance’s Board of Directors.
“There is a clear need for groundbreaking, innovative therapies for Parkinson’s disease,” shared Murray. “We are confident that Cerevance’s lead program, CVN424, holds promise in delivering significant benefits to individuals.”
“We strongly believe that Cerevance is at the forefront of revolutionizing the research and treatment of CNS disorders,” said Harasaki. “The remarkable NETSseq platform is accelerating innovation and tangible clinical benefits are emerging from Cerevance’s precision approach to CNS therapies.”
