Euthymics Bioscience, Inc., a Cambridge, Massachusetts-based neuroscience-focused clinical-stage company developing next-generation treatments for central nervous system disorders, has raised further $4m as part of its Series A financing.
The funds will be used to accelerate preclinical development of the company’s second product candidate EB-1020, a non-stimulant for adult ADHD (attention deficit/hyperactivity disorder).
Investors in this financing include lead investors Novartis Venture Fund and Venture Investors, as well as H&Q Healthcare Investors (NYSE: HQH) and H&Q Life Sciences Investors (NYSE: HQL), GBS Venture Partners and Euthymics’ outside board member, Timothy J. Barberich, all existing investors.
The expansion brings the total amount raised by the company in this round to $28m.
Euthymics develops novel triple reuptake inhibitors optimized for specific indications. Its lead product candidate EB-1010 for major depression is a serotonin-preferring triple. Euthymics plans to initiate a phase 2b/3a clinical trial of EB-1010 in major depression in the first half of 2011. The company’s second development candidate EB-1020 is a norepinephrine and dopamine-preferring triple reuptake inhibitor that combines the pharmacology of the two most relevant brain chemicals for the treatment of ADHD in a single molecule.