Quick Takes: Singapore’s Cerecin raises $40M from enlarged syndicate

Singapore-based neuroscience company Cerecin Inc. raised a combined $40 million in two installments of funding it called series II and series IIA rounds, and is exploring a listing in South Korea. The biotech hopes to start a Phase III trial of tricaprilin, a semi-synthetic medium-chain triglyceride, to treat Alzheimer’s disease; it has also tested the product clinically to prevent migraines and to treat infantile spasms. Prior investor Nestlé S.A. led the series II round. The series IIA was led by SK Securities, Hana Financial Investment, Partners Investment, Arche Investment and K&T Investment, and also included new investors Shinhan Investment, IBK Capital, KB Securities, M Capital, and Medici Investment.

Radionetics Oncology Inc. spun out of Crinetics Pharmaceuticals Inc. (NASDAQ:CRNX) with $30 million in private financing from 5AM Ventures and Frazier Healthcare Partners and an exclusive worldwide license to Crinetics’ radiotherapeutics platform and associated IP. Crinetics, whose founder and CEO R. Scott Struthers will chair the newco’s board, received 50.5 million shares in Radionetics, representing a 50.5% stake, and is eligible for up to $1 billion in milestones plus single digit royalties. Radionetics’ pipeline comprises drug candidates and leads against 10 cancer targets built from its parent company’s non-peptide platform. The two companies will collaborate to identify compounds for additional targets...