Diversified conglomerate Access Industries has led a $20.5m series B round for EIP Pharma, a US-based company developing treatments for diseases affecting the central nervous system (CNS).
Founded in 2014, EIP is working on drugs for CNS disorders, and in particular a small molecule inhibitor called neflamapimod that could potentially reverse the synaptic impairment associated with Alzheimer’s disease and improve the memory of patients.
The company will put the series B funding into advancing development of neflamapimod, which is set to enter phase 2b testing. It is enrolling patients for a phase 2b study called Reverse-SD, for which it expects to generate results in the second half of next year.
John Alam, EIP Pharma’s CEO, said: “We are grateful for the support from Access Industries as they share our commitment to advancing neflamapimod given the encouraging phase 2a results and the significant unmet medical need that remains in Alzheimer’s disease treatments.
“This new funding is earmarked to support our phase 2b study, further exploration of other areas where neflamapimod may have therapeutic potential and expansion of our team.”
EIP had previously raised an amount indicated by a regulatory filing to be $400,000, in a January 2017 series A round that was funded by the company’s executives and undisclosed members of the healthcare industry.