The Venture Codex

Participated · Equity · Dec 2011

CeNeRx BioPharma is a clinical-stage biopharmaceutical company developing and commercializing treatments for central nervous system (CNS) disorders, headquartered in Research Triangle Park, NC. Its lead candidate, TriRima, is a selective and reversible inhibitor of monoamine oxidase A (RIMA) in Phase II development as a monotherapy for treatment-resistant depression. The company reports enrollment of almost 80% of the 360 patients targeted in the TriRima Phase II trial and expects to report headline data by mid-2012. CeNeRx plans to use recently raised proceeds to complete the ongoing Phase II TriRima study and to advance a pipeline that includes HPA axis modulators, CXB909 for Alzheimer's disease and neuropathies, and selective cannabinoid compounds for pain, glaucoma, and spasticity. The company has also filed an IND to assess CXB909 as a potential treatment for Alzheimer's disease. Investors in the company include Perseus Soros Biopharmaceutical Fund, L Capital Partners, Pappas Ventures and Omega Funds. CeNeRx BioPharma is a Cary, NC–based clinical-stage company focused on developing and commercializing innovative treatments for CNS diseases. Its lead program is an improved formulation of the novel antidepressant TriRima™, for which the company will use new capital to conduct a Phase II trial. The company’s CNS pipeline also includes clinical-stage hypothalamic-pituitary-adrenal (HPA) axis modulators targeting anxiety and depression. CeNeRx is developing a small-molecule, orally active agent intended for prevention and treatment of neuropathies and neurodegenerative disorders. It also has a series of selective cannabinoid compounds that have completed successful preclinical proof-of-concept studies for treatment of pain, glaucoma and spasticity. The recent financing is intended to advance these programs through clinical development. CeNeRx BioPharma is a Cary, N.C.-based company that specializes in treatments for central nervous system disorders. Its lead candidate, Tyrima, is intended to treat severe depression and is the primary focus of development. The company plans to use the newly raised funds to advance Tyrima through Phase II clinical trials. CeNeRx also has several other compounds in development targeting pain, obesity and overactive bladder symptoms. The company raised $15 million in a second round contributed by Aisling Capital, L Capital Partners and Pappas Ventures. This is its first round of funding since 2005, when it raised $18.5 million, and it previously received $2.5 million in venture debt from Oxford Finance in 2006.