Neurovance, Inc., a Cambridge, Massachusetts-based a spinout of Euthymics Bioscience, Inc., has closed a $7m Series A1 round.
The investment was led by existing investor Novartis Venture Fund, with participation from existing investors Venture Investors, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL), GBS Venture Partners, State of Wisconsin Investment Board (SWIB) and Timothy J. Barberich.
Created to focus on development of a treatment for adult attention deficit hyperactivity disorder (ADHD) and a pipeline of research compounds for other CNS disorders, Neurovance intends to use the capital to further advance EB-1020, its norepinephrine and dopamine-preferring reuptake inhibitor, that evaluated single and multiple ascending doses in normal subjects in its phase 1 clinical trial.
The company is led by Anthony A. McKinney, President and CEO. and Campbell Murray, M.D., Chairman.