Cadent Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapies to improve cognitive, mood, and movement disorders. Its lead asset, CAD-9303, is a novel, first-in-class positive allosteric modulator (PAM) of NMDA receptors being evaluated for cognitive deficits and negative symptoms of schizophrenia in the multicenter Affinity-1 randomized, placebo-controlled trial. The company plans to use the Series B proceeds to advance CAD-9303 and has continued patient enrollment during the COVID-19 pandemic. Cadent has paused initiation of its planned CAD-1883 trial in spinocerebellar ataxia to prioritize resources for CAD-9303. The company also holds an exclusive license and collaboration with Novartis to develop a negative allosteric modulator now in Phase 2 for treatment-resistant depression. Management states the financing provides cash runway into the second quarter of 2021. Cadent Therapeutics is developing breakthrough therapies for movement and cognitive disorders using novel allosteric modulators of ion channels to improve neuronal firing regularity. Its lead program, CAD-1883, an SK (small conductance calcium-sensitive potassium channel) positive allosteric modulator, is in a Phase 1 dose escalation trial for essential tremor and spinocerebellar ataxia and has been well-tolerated to date. A second program is in preclinical development to positively modulate NMDAr to address hypofunction in schizophrenia and has shown restoration of auditory novelty detection in preclinical models. Cadent also has an exclusive license and collaboration with Novartis to develop an NMDA receptor modulator — described as a negative allosteric modulator now in Phase 1 for treatment-resistant depression. The company recently appointed Bob Dagher, M.D., as Chief Medical Officer and has expanded its board with representatives from investor groups. Cadent raised a $40 million Series B to advance its pipeline and continue clinical development. Mnemosyne Pharmaceuticals is an emerging biotech based in Providence, RI, focused on discovery and development of small-molecule SNRMs targeting the NMDA receptor for neuropsychiatric indications. The company’s two lead programs target schizophrenia and Rett Syndrome, and it is exploring additional indications including depression with hopes to partner those programs. Mnemosyne says its SNRMs aim to potentiate a specific NMDA subunit to improve cognition and address positive and negative symptoms of schizophrenia. Proceeds from the recent financing will support the company’s drug discovery efforts and advancement of the lead programs. The company is led by president and CEO Kollol Pal, Ph.D., and emphasizes the NMDA receptor’s role in learning and memory within the broader $80B mental health market. Mnemosyne Pharmaceuticals is a Providence, Rhode Island–based biotechnology company focused on the discovery and development of small molecule drugs to treat neuropsychiatric disorders. Its discovery efforts target the NMDA receptor, which the company describes as a master switch for learning and memory. The firm's lead program targets schizophrenia, and it is exploring additional indications including Alzheimer’s disease, recovery from stroke and traumatic brain injury, and attention deficit/hyperactivity disorder. Mnemosyne intends to use new capital to advance its drug discovery programs and identify lead product candidates. The company was founded in 2010 and is led by president and CEO Kollol Pal, Ph.D. Mnemosyne Pharmaceuticals is a Providence-based biotech developing a new class of drugs, Subunit Selective NMDA Receptor Modulators (SNRMs), targeting the $60B neuropsychiatry market. The company is building a capital-efficient research platform and plans to rely on collaborative partnerships with service providers to support drug discovery and development. It also intends to form strategic partnerships with pharmaceutical and biotech companies to provide research support and opportunities for later-stage clinical development and commercialization. Mnemosyne was launched with seed funding from the state-backed Slater Technology Fund and recently landed a $250,000 investment from that same fund. The founders are pharmaceutical and biotech industry scientists and executives with over 70 years of combined experience, and the company is supported by scientific advisors who are thought leaders in neuropsychiatry.

Total raised

$67M

Funding rounds

5

Latest round

Series B

Latest activity

Apr 2020