Neurovance, a Cambridge, Mass.-based clinical stage neuroscience company focused on treating adult attention deficit hyperactivity disorder, raised a $6.3m extension in its Series A1 round.
Backers included Novartis Venture Fund, Venture Investors, H&Q Healthcare Investors and H&Q Life Science Investors, GBS Venture Partners and State of Wisconsin Investment Board.
The company intends to use the funds to further advance development of EB-1020 SR, a non-stimulant, for the treatment of all subtypes of adult ADHD (attention deficit hyperactivity disorder). It also intends to initiate a human abuse liability (HAL) study that will seek to confirm that EB-1020 has less abuse potential than the standard stimulant used today.
Led by Anthony A. McKinney, President and CEO, and Campbell Murray, M.D., Chairman, Neurovance is initially focused on adults because of the paucity of products available for adults and the growth rate among the adult segment (prescriptions growing at 16% per year) but plans to expand its development to include adolescents and children once EB-1020 SR has been demonstrated safe and effective in adults.
19/10/2012: Neurovance Closes $7M Series A1 Funding