Euthymics' Neurovance spinout raises $7M
Neurovance Inc. (Cambridge, Mass.) emerged Thursday as a spinout of Euthymics Bioscience Inc. (Cambridge, Mass.) with $7 million raised in a series A round. Existing Euthymics investors financed the Neurovance round, including lead investor Novartis Venture Fund. Venture Investors; H&Q Healthcare and H&Q Life Sciences; GBS Venture Partners; the State of Wisconsin Investment Board; and Euthymics board member Timothy Barberich participated.
The newco was created to develop EB-1020, a serotonin, norepinephrine and dopamine reuptake inhibitor (SNDRI), to treat adult attention deficit hyperactivity disorder (ADHD). EB-1020 preferentially targets norepinephrine. Neurovance's pipeline also includes research-stage compounds from Euthymics for other CNS indications. Neurovance said EB-1020 was well tolerated in about 50 healthy volunteers in a recently completed Phase I trial to treat adult ADHD. The company plans to begin a Phase IIa trial mid-2013. ...