Neurelis, Inc., a San Diego, CA-based neuroscience company, closed a $114m Series D financing round.
Cormorant Asset Management and Decheng Capital joined existing investors LYZZ Capital and HBM Healthcare Investments. In conjunction with this financing, Alexander Kwit has been appointed to the company’s Board of Directors. Kwit is a private investor who previously held the position of Executive Vice President of Royalty Pharma, a publicly traded company that buys royalty interests in biopharmaceutical products. Kwit was the Executive Vice President and a Partner from August 2001 to January 2015 and a Senior Advisor from January 2015 to his retirement in January 2016. He was involved in negotiating the fund’s royalty transactions, structuring Royalty Pharma’s novel financing programs, and leading its equity offerings.
Other investors were organized by Philos & Partners SA, a Swiss-based asset manager.
The company intends to use the funds to commercialize its lead orphan drug product, VALTOCO® (diazepam nasal spray), and to continue the development and expansion of its neuroscience pipeline.
Led by Craig C. Chambliss, President and Chief Executive Officer, Neurelis is an innovation-driven neuroscience company focused on the development and commercialization of product candidates for epilepsy and the broader central nervous system (CNS) market. On January 10, 2020, the FDA approved Neurelis’ VALTOCO® (diazepam nasal spray) as an acute treatment of intermittent, stereotypic episodes of frequent seizure activity (ie, seizure clusters, acute repetitive seizures) that are distinct from an individual’s usual seizure pattern in adult and pediatric patients 6 years of age and older. In addition, the company is developing NRL-2 for intermittent use to control acute panic attacks, NRL-3 as a noninvasive acute therapy to stop seizures that have progressed to status epilepticus, and NRL-4 as a noninvasive rescue therapy to address the escalation of acute agitation symptoms associated with schizophrenia and bipolar 1 mania in adults.
The Neurelis technology platform includes Intravail®, ProTek® and Hydrogel™, three proprietary, noninvasive drug-delivery and stabilization technologies applicable to a wide range of molecules, including therapeutic proteins, peptides, non-peptide macromolecules, and small molecules.