CeNeRx BioPharma Inject $15M Second Round

[Jim Finnel]

CeNeRx BioPharma, Inc., a clinical stage company developing and commercializing innovative treatments for diseases of the central nervous system (CNS), has closed a $15M second round from existing investors Aisling Capital, L Capital Partners and Pappas Ventures. The company develops treatments based on selective cannabinoid compounds.

Cannabinoid compounds are found in the Cannabis (Cannabis sativa L) or marijuana plant. In the 1980s it was discovered that cannabinoid receptors are common in animals, including humans.

CeNeRx plans to use the proceeds to conduct a Phase II clinical trial of its lead product candidate Tyrima(TM) for the treatment of major depressive disorder (MDD), to further characterize its novel preclinical cannabinoid pipeline and potentially to acquire additional development stage compounds targeted at CNS disorders.

"This successful Series B financing is a validation of the excellent progress we are making in advancing Tyrima, which we believe has the potential to be an important new option in the $15 billion antidepressant market," said Mark Baric, president of CeNeRx.
The company has initiated a Phase II clinical trial of Tyrima.
Tyrima is a selective and reversible member of a novel class of drugs known as RIMAs, or reversible inhibitors of monoamine oxidase A (MAO-A).

CeNeRx says it has also recently completed successful preclinical studies of its selective cannabinoid compounds for the treatment of pain, glaucoma and spasticity.

Barry Brand, CEO of CeNeRx said in a statement, "Our commitment to developing innovative CNS products is exemplified by Tyrima, one of the select few novel compounds being developed for the underserved antidepressant market, and we are in early discussions with potential partners for our selective cannabinoids, which are showing promise preclinically in a number of CNS-related conditions.

“Proceeds from the Series B financing will help make continued progress in these programs possible. With our expanded resources and capabilities, we are now also seeking to apply our expertise to other novel CNS compounds addressing major unmet needs."


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Source: TechJournal South
Copyright: 2008 TechJournal South
Contact: Breaking News - TechJournal South - The Southeast's Source for Technology Business News
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[Keith Lake]

I always have mixed emotions about these types of stories.

On the one hand, the more new cannabis based drugs that actually help people, the better off the people will be and the harder it will be for the government to continue to deny there are medinical benefits from cannabis

On the other hand, my paranoid side envisions the day where there is a pill or spray version containing only the active compounds, less the THC that actually gets you high, and it's designed and marketed to cure everything that ailes you. Then the government's argument would be "what do you need the plant for now"

 

[Jim Finnel]

I always have mixed emotions about these types of stories.

me too.

On the one hand, the more new cannabis based drugs that actually help people, the better off the people will be and the harder it will be for the government to continue to deny there are medinical benefits from cannabis

my primary reason for posting these articles

On the other hand, my paranoid side envisions the day where there is a pill or spray version containing only the active compounds, less the THC that actually gets you high, and it's designed and marketed to cure everything that ailes you. Then the government's argument would be "what do you need the plant for now"

doesn't sound paranoid to me. your just paying attention.