Euthymics Bioscience, Inc., a Cambridge, Massachusetts-based clinical-stage company developing innovative antidepressants, completed a Series A financing totalling $24m in milestone-conditioned tranches.
The round was led by Novartis Venture Funds and Venture Investors, with participation from Hambrecht & Quist Capital Management, LLC, GBS Venture Partners and the State of Wisconsin Investment Board.
The initial Series A proceeds were used to complete the acquisition of DOV Pharmaceutical, Inc. and allow for the continued development of DOV’s antidepressant, EB-1010 (formerly known as DOV 21,947), for patients who do not respond adequately to selective serotonin reuptake inhibitors (SSRIs).
In addition to EB-1010 for depression, the DOV acquisition gives Euthymics a pipeline of monoamine reuptake inhibitors for other CNS disorders including ADHD, obesity, anxiety, obsessive compulsive disorder and drug addiction.
In conjunction with the financing, Campbell Murray, M.D., Managing Director of Novartis Venture Funds, will serve as Euthymics’ Chairman.
Joining the Board along with Dr. Murray are Paul Weiss, Ph.D., of Venture Investors, Frank Gentile, Ph.D., of Hambrecht & Quist Capital Management, LLC and Andrew Baker, Ph.D., of GBS Venture Partners.
When clinical trials begin next year, Maurizio Fava, M.D., Professor of Psychiatry at Harvard Medical School, Executive Vice Chair of the Department of Psychiatry at Massachusetts General Hospital and one of the leading depression experts worldwide, will serve as principal investigator.