NeuroTherapia raises $12.3 million in Series B led by Cleveland Clinic
NeuroTherapia, Inc., a clinical-stage company and Cleveland Clinic Innovations portfolio company, has raised $12.3 million in a Series B funding round led by Cleveland Clinic. The company, which focuses on developing therapies for neurodegenerative diseases, is using the funding primarily for the continued clinical development of NTRX-07, an orally available cannabinoid receptor agonist, for the treatment of Alzheimer's disease (AD).
The Series B round includes all previous investors, Brain Trust Accelerator Fund II, Dolby Family Ventures and the Alzheimer's Drug Discovery Foundation (ADDF) as well as new investors, Foundation for a Better World and CRUINT.
NeuroTherapia will continue raising additional funds for its second close in six months. The next close will support development of a recently discovered second generation molecule for a separate indication in which neuroinflammation plays a major role.
The company also announced the addition of board observer Adam Hoffman, an experienced investor and entrepreneur who serves as President of Foundation for a Better World.
What It Means to Ohio
NeuroTherapia’s fundraise further builds on Ohio’s reputation as a hub for biotech.
Among recent noteworthy headlines:
Ohio State University last year set a record for commercialization income
Ohio State’s Carmenton Innovation District opened on west campus
Amgen opened its most technologically advanced facility
Forge Biologics was acquired for $600 million by Japan’s Ajinomoto Company
Clarametyx Biosciences raised a $33 million Series A round
Ohio State spinoff Basking Biosciences raised $55 million to test a novel stroke treatment
Avation Medical raised a $22 million Series C to launch its Vivally System, a non-invasive wearable neuromodulation system to treat patients with urge urinary incontinence and urinary urgency caused by overactive bladder syndrome
Redi Health raised $14 million in a Series B round
AmplifyBio opened a 350,000-square-foot lab in New Albany to expand into manufacturing materials
The life sciences industry employs about 83,700 in the state, according to industry trade group Ohio Life Sciences.
What They’re Saying
"We were pleased with the Phase 1b trial results that demonstrated a trend toward cognitive benefits in Alzheimer's disease and wanted to continue its development as rapidly as possible. We believe that the Company's planned Phase 2a trial has the potential to not only demonstrate the ability of NTRX-07 to inhibit neuroinflammation, but it could also lead to an improvement in biomarkers of cognitive function in patients with Alzheimer's disease."
- Joseph Rich, JD, MBA, Senior Director, Cleveland Clinic Innovations, and lead investor representative in the financing
"We are extremely fortunate to have the continued support of our previous investors and to add new investors with significant AD experience. The Board has provided invaluable insights over the past 4+ years and I am excited to continue to work with them to advance NTRX-07 for treating AD."
- Dr. Giordano, Ph.D., NeuroTherapia's President and CEO
