Cerecor hits $6.8m series A

Biopharamaceutical firm Cerecor has raised $6.8m in series A funding to support development of its neuroscience drugs.

The US-based company is licensing and commercialising small molecule D-Amino Acid Oxidase (DAAO) inhibitors which were originally developed at the Johns Hopkins Brain Science Institute. In addition, Cerecor is transferring depression treatment, CERC-301, from life sciences firm Merck. The latest round of funding will be used to complete the acquisition.

Cerecor has now raised $28.9m since its inception in 2011. In addition to the recent announcement, the Baltimore-based company raised a series A round in April 2012. Both rounds were from undisclosed backers.

Blake Paterson, chief executive of Cerecor, said: “We are delighted by the response to our offering, as it continues to confirm the quality of our Company, our pipeline and our team. We now intend to complete the necessary steps to move CERC-301 into a planned Phase 2 study, expected to begin in 4Q2013. The trial would evaluate the compound’s potential as a new, selective, orally-available, rapid-acting antidepressant, which holds promise for patients whose depression is not responding to their current therapy.”