NEW YORK & GENEVA--(BUSINESS WIRE)--Neurosterix, a biopharmaceutical company dedicated to the development of allosteric modulator therapeutics for underserved neurological disorders, launched today with a $63 million Series A financing led by Perceptive Xontogeny Venture Fund II, with participation from Perceptive Life Sciences Fund and Acorn Bioventures.
Neurosterix is leveraging decades of investment made by Addex in building a leading allosteric modulator discovery technology platform. The platform has a track record of identifying highly selective, brain penetrant small molecule drugs, a class that has the potential to revolutionize the treatment of neurological disorders. Neurosterix’s lead program is a muscarinic acetylcholine receptor subtype 4 positive allosteric modulator (“M4 PAM”) for the treatment of patients suffering from schizophrenia.
Allosteric modulators bind to their target receptor outside of the active site, where the natural ligand and traditional drugs operate. This non-competitive mode of action brings greater selectivity and more precision over the control of biological pathways, potentially delivering improved efficacy and safety. To date, the pharmaceutical industry has found the identification and design of allosteric modulators challenging. However, Neurosterix will accelerate its pursuit of these exciting medicines through acquiring Addex’s industry-leading proprietary high-throughput allosteric modulator drug discovery platform and a portfolio of preclinical neuroscience assets.
“We are excited to launch Neurosterix with the support of our founding investors, Perceptive Advisors and Acorn Bioventures, to rapidly advance our pipeline of potentially best-in-class therapies targeting patients who suffer from debilitating neurological disorders,” said Tim Dyer, CEO of Neurosterix. “Our goal at Neurosterix is to develop new medicines based on allosteric modulation that overcome the burdens of traditional drugs and provide patients with the potential to dramatically improve their lives.”
“We are dedicated to supporting the Neurosterix team in its development of these promising assets and will provide the necessary resources to enable the Company to rapidly advance transformational therapies for patients struggling from neurological disorders,” said Fred Callori, Managing Director, Venture at Perceptive Advisors and Chairman of the Board of Neurosterix. “We recognize the potential of not only the assets now being developed within Neurosterix, but also the potential of the platform to develop a broad-based set of life-changing medicines.”
About Perceptive Xontogeny Venture Funds
The Perceptive Xontogeny Venture Funds (“PXV Funds”) are Perceptive Advisors’ investment vehicles focused on early-stage, private venture investments in life sciences companies. Primary investments for PXV Funds include companies that are seeking a lead investor for private financings, which include both companies that are seeded and incubated at Xontogeny, and companies that are seeded and incubated by other organizations, accelerators and seed investors. The PXV Funds are also open to participating in syndicated private financings as a co-lead or passive investor with other venture capital firms. For more information, visit www.perceptivelife.com.
About Perceptive Advisors
Founded in 1999 and based in New York, NY, Perceptive Advisors is an investment management firm focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare. For more information about Perceptive, visit www.perceptivelife.com.
About Addex Therapeutics
Addex Therapeutics is a clinical-stage biopharmaceutical company developing a portfolio of novel small molecule allosteric modulators for neurological disorders. Addex’s lead drug candidate, ADX71149 (mGlu2 positive allosteric modulator or PAM), developed in collaboration with Janssen Pharmaceuticals, Inc., is in a Phase 2 clinical study for the treatment of epilepsy. The Company’s second clinical program, dipraglurant (mGlu5 negative allosteric modulator or NAM), is under evaluation for future development in dyskinesia associated with Parkinson’s disease and post-stroke/TBI recovery. Addex partnership with Indivior on GABAB PAM is advancing multiple drug candidates through clinical candidate selection for substance use disorder. Under the agreement with Indivior, Addex is advancing an independent GABAB PAM program for chronic cough. Addex shares are listed on the SIX Swiss Exchange and American Depositary Shares representing its shares are listed on the NASDAQ Capital Market, and trade under the ticker symbol “ADXN” on each exchange. For more information, visit www.addextherapeutics.com
About Neurosterix
Neurosterix is a biopharmaceutical company focused on developing allosteric modulators for the treatment of patients suffering from neurological disorders. Allosteric modulators increase or decrease the activity of target receptors by binding outside of the “active site” where traditional drugs operate. This approach can improve upon the efficacy and tolerability of existing treatments and potentially address new targets to bring therapeutic innovation to existing or new underserved patient communities. Neurosterix is supported by an industry-leading allosteric modulator drug discovery and development platform. For more information, visit neurosterix.com.
