Cadent Therapeutics, a Cambridge, Mass.-based clinical stage biopharmaceutical company, closed $15m final equity tranche of its previously announced $40m Series B financing.
The round was led by Cowen Healthcare Investments and Atlas Venture, with participation from Qiming Venture Partners, Access Industries, Clal Biotechnology Industries and Novartis Institutes for Biomedical Research.
The company plans to allocate all proceeds to continue the development for its lead cognitive disorder asset, CAD-9303, a novel, first-in-class, positive allosteric modulator (PAM) of N-methyl-D-aspartate (NMDA) receptors for the treatment of the cognitive deficits and negative symptoms of schizophrenia. CAD-9303 is currently being evaluated in the Affinity-1 trial, a multicenter, randomized, placebo-controlled study.
Led by Jodie Morrison, Chief Executive Officer, Cadent Therapeutics is a clinical stage biopharmaceutical company focused on the development of therapies to improve the lives of patients with cognitive, mood, and movement disorders. The company has an exclusive license and collaboration agreement with Novartis to develop a negative allosteric modulator, now in Phase 2 for the treatment of treatment resistant depression. Due to the COVID-19 pandemic, Cadent will be delaying the initiation of the planned clinical trial of CAD-1883, the company’s lead movement disorder asset, in spinocerebellar ataxia, and focusing resources on CAD-9303 at this time.