Cavion, Inc., a Charlottesville, Va.-based clinical stage biotechnology company, closed a $26.1m venture capital funding.
The round was co-led by Lilly Ventures and Novartis Venture Fund with participation from Enso Ventures and existing investors. In conjunction with the financing, Steven Hall, Ph.D., General Partner at Lilly Ventures, Henry Skinner, Novartis Venture Fund, and Dr. Sergei Petukhov, Partner at Enso Ventures, joined Cavion’s Board of Directors.
Led by Andrew Krouse, President and CEO, Cavion develops T-type calcium channel (Cav3) modulators for the treatment of neurological diseases and cancer. Its neurology compounds selectively target Cav3, which mediates thalamocortical dysrhythmia, a common pathophysiology of neurological diseases such as Essential Tremor, Parkinson’s Disease, Neuropathic Pain, and Epilepsy as well as orphan neuro-developmental and genetic disorders such as Angelman Syndrome and Dravet Syndrome.
Cavion will conduct a proof-of-concept Phase 2 study of its Cav3 inhibitor CX-8998 in Essential Tremor as a prototype thalamocortical dysrhythmia disease later this year. The company is also developing additional new chemical entities that inhibit the Cav3 channel for application across multiple therapeutic areas.