Heptares Therapeutics, a biotech spin-out from Cambridge University, has received $21m in a series B round that opens the door to clinical trials.

Launched in 2007 after three years in incubation, the Welwyn Garden City-based spin-out is commercialising treatments for schizophrenia and Alzheimer’s developed at Cambridge’s Medical Research Council (MRC) Laboratory of Molecular Biology, which has attracted 9 Nobel Prizes and generated over £330m ($500m) through its tech transfer efforts.

The series B round was co-led by neuroscience investor the…

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