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 Stanley Family Foundation and existing venture investor Clarus Ventures with participation from Takeda Ventures. Clarus led Heptares’ series A in 2009, worth $30m. Also taking part in the series A in equal contribution were the Novatris Option Fund and founding investor and MRC venture firm spin-out MVM Life sciences, which backed Heptares with $1.5m seed financing in 2007. In total, Heptares is backed with $52.5m of venture funding.
Malcolm Weir, Chief Executive Officer at Heptares, commented: “Heptares is entering an exciting new phase of development as the lead compounds in our pipeline approach the clinic. All of these potential new medicines have been developed using our unique GPCR-focused structure-based drug design approach and technologies. Coupled with existing and future revenues from our strategic partnerships, funds from this new financing will enable us to accelerate our evolution into a clinical-stage drug development company.”