Naurex Inc., an Evanston, IL-based clinical-stage company developing innovative treatments focused on psychiatry and neurology, completed an $18m Series A financing.
The round was led by Adams Street Partners and Latterell Venture Partners, with participation from Druid BioVentures, Genesys Capital, PathoCapital, Lundbeck, Takeda Ventures, Inc. and Shire.
Naurex plans to use the capital for the Phase II trial of its lead compound, GLYX-13, a glycine-site functional partial agonist (GFPA) selective modulator of the NMDA receptor (NMDAR), and also to advance its second-generation GFPA program including a number of molecules with preclinical proof of concept.
GLYX-13 has shown promising signs of antidepressant activity with excellent safety in preclinical studies and these results have been confirmed in a Phase I clinical trial. Phase II trial will focus on patients who are not achieving an adequate response to their current antidepressant agents.
In conjunction with the funding, Wilbur (Bill) Gantz of PathoCapital has been named chairman of Naurex’s board of directors. Terry Gould of Adams Street Partners and Kenneth Widder, MD, of Latterell Ventures are also joining the board as directors.
The company is led by CEO Derek A. Small.