Synchroneuron Raises $20M in Series B Funding
News Jul 02, 2014
Synchroneuron today announced the closing of a $20 million Series B funding round from sole-investor Morningside Technology Ventures Limited.
“Morningside’s investment in Synchroneuron demonstrates our belief in the potential of SNC-102 to safely and effectively treat neuropsychiatric disorders such as tardive dyskinesia as well as its potential in additional indications,” said Gerald Chan, Chairman of Morningside Technology Ventures.
Top-line data from Synchroneuron’s Phase 2, multi-center, randomized, double-blind, placebo-controlled trial of SNC-102 is expected early in 2015. Approximately half of the subjects have entered or already completed the study. In addition, Synchroneuron expects to begin open label studies of SNC-102 in Tourette syndrome and post-traumatic stress syndrome (PTSD) to prove the concept of the drug’s broader efficacy for neuropsychiatric disorders potentially related to glutamate/GABA imbalance.
“SNC-102 has the potential to be the first FDA-approved drug for tardive dyskinesia, a debilitating and often irreversible movement disorder,” said William Kerns, DVM, Chief Executive Officer of Synchroneuron Inc. “In addition, SNC-102’s distinct mechanism of action, which modulates activity of glutamate without producing the toxicity associated with NMDA antagonists or benzodiazepine-like drugs, may translate into a treatment option for patients with Tourette syndrome and PTSD.”
Funds from the Series B will support the Company’s active formulation improvement program, additional open label studies of SNC-102 and preclinical studies to better understand acamprosate’s pharmacokinetics and mechanism of action through the end of 2016.