Cadent Therapeutics, a US-based company developing drugs for movement and cognitive impairment, has collected $40m in a series B round that included pharmaceutical firm Novartis and conglomerate Access Industries.
The round was co-led by financial services firm Cowen’s Healthcare Investments unit and venture capital firm Atlas Venture, and included VC firm Qiming Venture Partners.
Novartis and Access participated through subsidiaries Novartis Institutes of Biomedical Research and Clal Biotechnology Industries respectively.
Formed by the March 2017 merger of Luc Therapeutics and Ataxion, Cadent helps patients suffering from neurological disorders by targeting ion channels, the membrane proteins that manage communication between neurons in the cell membrane and help to regulate neural signals.
The company has advanced its lead program, CAD-1883, into clinical development, and has a collaboration agreement with Novartis to develop a modulator, which is now in phase 1 clinical studies, for treatment-resistant depression.
Michael Curtis, Cadent’s president and CEO, said: “We are excited to have advanced our lead program into clinical development for two progressive neurological conditions, and we are encouraged by the potential of our second program, which is in preclinical development for the treatment of schizophrenia.
“This progress plus the confidence from our investors is exciting, and we look forward to continuing this momentum into 2019.”
Formerly known as Mnemosyne, Luc Therapeutics had raised at least $17.7m from Atlas Venture, Slater Technology Fund, and Access BridgeGap Ventures pre-merger. Ataxion had received $17m in a 2014 series A round featuring biotech producer Biogen Idec and Atlas Venture.