Tetra Discovery Partners, a Grand Rapids, Mich.-based clinical stage biotechnology company, raised $5m in Series A venture funding.
The round was co-led by the Apjohn Group and Grand Angels, with participation from previous investors as well as Dolby Family Ventures, the Alzheimer’s Drug Discovery Foundation, and other private investors. With conversion of two debt rounds, the total Series A financing amounts to $7.27m. In conjunction with the funding, Donald R. Parfet of Apjohn Group joined Tetra’s Board of Directors.
The company also announced the receipt of two new grants from the National Institutes of Health. The first, AG054243, a $2m Phase 2b Small Business Innovation Research grant from the National Institute on Aging, supports Tetra’s Phase 1 multiple-ascending dose study of BPN14770 in healthy older (age 60+) volunteers. The second, MH091791, from the National Institute of Mental Health, provides $3m in support for Tetra’s discovery program in depression.
Led by Mark E. Gurney, Ph.D., Chairman and Chief Executive Officer, Tetra Discovery Partners is a clinical stage biotechnology company that develops a portfolio of therapeutic products for people suffering from Alzheimer’s disease and other brain disorders. The company uses structure-guided drug design to discover mechanistically novel, allosteric inhibitors of phosphodiesterase 4 (PDE4), which plays a key role in memory formation and learning.
The company also maintains a business office in Cambridge, Massachusetts.