US-based neuroscience company Cerevance was spun out of Rockefeller University today, raising $21.5m in series A funding from investors including drug developer Takeda Pharmaceutical.
Lightstone Ventures led the series A round, which brought Cerevance’s total funding to $36m, though details about previous investments have not been revealed.
Takeda will also provide 25-person neuroscience research team to Cerevance through its Cambridge, UK offices, licences to preclinical and clinical stage drug candidates and access to laboratory equipment.
Cerevance has emerged out of Rockefeller University’s Howard Hughes Medical Institute and is exploiting research conducted by Nathaniel Heintz. The company will focus on treatments for neurological and psychiatric disorders.
Takeda and Lightstone will take a seat on Cerevance’s board each, though these members have not been named.
Cerevance co-founder and CEO Brad Margus, Takeda and Nathaniel Heintz previously joined forces in 2009 when Takeda invested in Heintz’s and Margus’ central nervous system drug developer Envoy Therapeutics. Envoy was acquired by Takeda in 2012.
Brad Margus said: “Seven of the ten leading causes of disability in the world are central nervous system disorders. With a well-capitalised, proven team and promising drug programs already underway, we hope to rapidly advance a pipeline of therapeutics into the clinic in parallel with scaling up a truly novel approach to brain diseases based on our new technology.”