Baltimore, MD, July 21, 2014 -- Cerecor Inc, a clinical stage biopharmaceutical company developing innovative treatments to make a difference in the lives of patients suffering from nervous system disorders, today announced the closing of the first tranche of a $32M Series B financing. The investment round was led by New Enterprise Associates (NEA), Apple Tree Partners (ATP) and MPM Capital. Proceeds from the round will support the development of Cerecor’s lead product candidate CERC-301, a first-in-class oral selective NR2B inhibitor in Phase 2 development as a once-a-day adjunctive therapy for severe MDD (Major Depressive Disorder) with a rapid onset of action, and its catechol-O-methyltransferase (COMT) inhibitor platform for various conditions characterized by impairment of executive function and working memory.
“This financing enables Cerecor to continue to advance our compounds in nervous system disorders, including completion of Phase 2 development of CERC-301, which has the potential to save lives for patients experiencing major depressive disorder with suicidal ideation. We are building on intravenous ketamine’s extensive clinical experience with a more selective and specific oral agent that has the potential for improved safety.” said Blake M. Paterson, MD, Cerecor co-founder and CEO. "We are honored to have an outstanding group of investors who share our vision and are providing the funding to enable us to move both CERC-301 and our COMT platform forward.”
"Cerecor is committed to developing neuroscience compounds that could truly make a difference in patients’ lives and this financing brings together an international group of investors committed to advancing the Company's lead product candidate CERC-301,” said Jim Barrett, General Partner of NEA. "In an early clinical study conducted at the NIMH, CERC-301 demonstrated its potential for rapid onset of antidepressant effect which would address a key unmet need for depression patients. The Company has made outstanding progress in the last twelve months on this program."
The Cerecor Board of Directors now consists of: Sol Barer PhD, former Chairman and CEO at Celgene; James Barrett PhD, General Partner at NEA; Eugene Bauer MD, Chief Medical Officer and Director at Dermira; Isaac Blech, Cerecor Co-founder; Luke Evnin PhD, Managing Director at MPM Capital; Magnus Persson MD, PhD, Director, Scandinavian Node at Karolinska Institute; Behshad Sheldon, Venture Partner at Apple Tree Partners; Mayukh Sukhatme MD, Partner at Apple Tree Partners; Frank Torti MD, Principal at NEA; and Blake Paterson, MD, Co-founder, President and CEO of Cerecor.
Cary Sucoff and John Catsimatidis have stepped down from Cerecor’s Board of Directors. “We would like to thank Cary and John for their years of service in helping to establish Cerecor as a leader in the development of innovative neuroscience drugs to make a difference in the lives of patients with address major unmet medical needs,” said Dr. Paterson.
Cerecor Inc (“Cerecor”) is a Baltimore-based biopharmaceutical company developing innovative treatments to make a difference in the lives of patients suffering from neuropsychiatric diseases by addressing the unmet medical needs of underserved patient segments. We are committed to the development of drugs that improve lives by applying our extensive knowledge and experience in central nervous system disorders. www.cerecor.com