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Cerebral Therapeutics Raises Series A Extension Financing to Advance Clinical-Stage Drug Device Combination Therapy to Phase 3 Readiness for Adult Refractory Epilepsy
AURORA, Colo., March 8, 2019 /PRNewswire/ -- Cerebral Therapeutics, a clinical stage company developing reformulated medications, which by-pass the blood brain barrier using chronic implantable infusion systems, in order to improve the lives of patients with medically refractory epilepsy, announced today the closing of a $7.8 million Extension of its Series A financing by institutional investors Granite Point Capital Management, L.P., and Vivo Capital, LLC. This brings the total Series A investment to $11 million.
Cerebral Therapeutics is currently conducting a proof of concept study in adult patients at Australia's University of Melbourne using its proprietary formulation of an anti-epileptic drug delivered via direct intracerebroventricular (ICV) administration. This proof of concept study has demonstrated potentially enhanced efficacy and reduced toxicity in patients with medically refractory epilepsy. Proceeds from the financing will be used to file an IND with the U.S. Food and Drug Administration (FDA) to initiate a Phase 2 clinical trial.
"We are grateful for our investors' continued support and contribution to advance the company's therapy for medically refractory epilepsy," said Dan Abrams, M.D., CEO of Cerebral Therapeutics. "We have seen meaningful improvement in patients with uncontrolled seizures and we have seen evidence that our therapy is potentially life changing."
Epilepsy is the fourth most common neurological problem in the world. Approximately three million people in the United States are living with epilepsy, with one million people experiencing uncontrolled seizures because medications and surgery have not worked for the majority of these patients. Cerebral Therapeutics' therapy uses a specialized implanted, refillable catheter - pump system to deliver a continuous ICV dose of its proprietary formulation of valproic acid called CT001, which Cerebral Therapeutics has an exclusive license agreement for from the University of Colorado.
About Granite Point Capital
Granite Point Capital Management, L.P., is an SEC registered investment adviser that manages a family of research-driven long/short equity hedge funds. Granite Point Capital invests in public and private companies at different stages of growth. Healthcare is an area of focus and Granite Point has made private commitments to biotechnology, medical device and healthcare service companies. The firm was founded in 2004 and is based in Boston, MA.
About Vivo Capital
Founded in 1996, Vivo Capital is an investment firm focused on investing in the fields of bioscience and healthcare with more than $3.0 billion under management. Vivo Capital has offices in Palo Alto, California, Beijing, Shanghai, Taipei, Greater China. So far, Vivo Capital has invested in more than 100 private and publicly listed companies.
About Cerebral Therapeutics
Cerebral Therapeutics is a clinical-stage company dedicated to improving the lives of patients living with uncontrolled neurological diseases, with an initial focus on refractory epilepsy. Founded by experts in the fields of neurology, neurosurgery and drug delivery, the Company is pioneering the development of long-term implanted drug-device combination therapies directly into the target region of the brain. The goal of this novel approach is to maximize efficacy while greatly reducing systemic drug exposure and enhancing drug regimen compliance. Cerebral Therapeutics' infusion therapy may offer a more efficacious and reliable approach to treating neurological diseases for which oral and I.V. infused medicines are not able to achieve adequate control and/or are limited by systemic toxicities. For more information please visit www.cerebraltherapeutics.com.
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SOURCE Cerebral Therapeutics