NeurAxon, Inc., a Toronto, ON, Canada-based pharmaceutical company, has closed the sale of approximately $8.75m of unsecured subordinated 2.0% convertible debentures that are convertible under specified circumstances into existing class B preferred shares.
The financing included CTI Life Sciences Fund and existing investors Delphi Ventures, OrbiMed Advisors, LLC, Ventures West Capital, Ltd, H.I.G. Ventures, BDC Venture Capital, NeuroVentures Fund and Lawrence Bloch, M.D., J.D., CEO of NeurAxon.
NeurAxon discovers and develops pain therapeutics focused on selective inhibitors of neuronal nitric oxide synthase (nNOS), an enzyme involved in modulating pain and central nervous system neuronal sensitization.
The net proceeds from the financing will support the company’s ongoing research and development efforts.
In conjunction with the financing, Richard Meadows, Managing Director with CTI Life Sciences, will join NeurAxon’s Board of Directors.