US-based biotech firm Neurovance has closed a $6.3m extension to its Series A financing round that will be used to further develop its new ADHD (attention deficit hyperactivity disorder) drug.
The $6.3m will be added to the $7m in funding it received in 2012 from the same investors: Novartis Venture Fund, which serves as the corporate venturing unit of healthcare company Novartis, venture capital firms Venture Investors and GBS Venture Partners, H&Q Healthcare Investors and H&Q Life Science Investors, both of which are subsidiaries of JPMorgan Chase, as well as State of Wisconsin Investment Board and Timothy J. Barberich.
Based in Cambridge, Massachusetts, the biotech firm wants to further advance development of ED-1020 SR, a non-stimulant treatment for all subtypes of ADHD. It also intends to initiate a human abuse liability study that will seek to confirm ED-1020 has less abuse potential than the current standard treatment for ADHD, Adderall.