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Mnemosyne Pharmaceuticals Inc. Completes $6.0 Million Expansion of Series A Financing

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07/02/2013 | 08:40am EST

Funding to support schizophrenia and Rett Syndrome programs

Providence, RI, July 2, 2013 ? (eTeligis via Accesswire) ? Mnemosyne Pharmaceuticals, Inc., an emerging biotechnology company focused on the discovery and development of small molecule drugs to treat neuropsychiatric disorders, has increased its Series A financing with the addition of a new $6.0 million expansion round. The expansion round includes one new investor, Atlas Venture, and one existing investor, Clal Biotechnology Industries (CBI, previously Access BridgeGap Ventures). Dr. Peter Barrett, partner at Atlas Venture, will join Mnemosyne's Board of Directors along with Dr. William Koster for CBI.

Proceeds from the financing will support the company's drug discovery efforts, and will focus on Mnemosyne's two lead programs in schizophrenia and Rett Syndrome. The company has additional programs for neuropsychiatric disorders including depression, which it is hoping to partner. Mnemosyne is developing a new class of molecules, Subunit Selective NMDA Receptor Modulators (SNRMs) for the neuropsychiatry market.

"The Subunit-selective NMDA Receptor Modulators being developed by Mnemosyne presents an innovative strategy for developing new drugs for neuropsychiatric diseases and we look forward to working with the Mnemosyne team to bring these new candidates to the clinic," said Peter Barrett, Partner, Atlas Venture.

"As an existing investor, Clal is very pleased to participate in the current round of financing," said Ruben Krupik, CEO of Clal Biotechnology Industries. "Mnemosyne's insight into the dynamics of neuroreceptor regulation coupled with its depth of expertise in drug discovery and development provide a compelling opportunity for our investors in the field of neuropsychiatry where there is significant unmet need for pharmacological intervention."

"We are delighted that Atlas and CBI share our enthusiasm in the potential of SNRM's to treat neuropsychiatric disorders," stated Kollol Pal, Ph.D., president and CEO. "We look forward to the contributions and guidance from Peter and Bill as Board members."

The NMDA receptor is widely recognized as the master switch for learning and memory, and a large body of preclinical and clinical research supports targeting this receptor to treat a broad range of neuropsychiatric diseases and cognitive dysfunction. Learning and memory disorders represent a major unmet medical need in neuropsychiatry. Together, these disorders encompass a significant portion of the broader $80B mental health market. There is strong evidence indicating that a principal underlying cause of schizophrenia is defective NMDA receptor function. Mnemosyne believes that by potentiating a specific NMDA subunit, the company's SNRM product candidates will provide therapeutic benefit for cognition, and also impact the positive and negative symptoms of schizophrenia.

About Mnemosyne

Mnemosyne Pharmaceuticals, Inc. is a privately-held, biotechnology company focused on the discovery and development of small molecule therapeutics for the neuropsychiatry market. The company's drug discovery efforts are focused on targeting the NMDA receptor, which is known to be the "master" switch for learning and memory. Mnemosyne's two lead programs target schizophrenia and Rett Syndrome, and the company is exploring additional indications including depression. For more information, visit www.mnemosynepharma.com.

About Clal Biotechnology Industries

CBI's mission is to identify, invest in, and develop biotechnology companies with proprietary biopharmaceutical solutions to unmet medical needs with large potential markets and clinical proof of concept. Since its inception in 1998, the Company has been distinguished by its hands-on managerial involvement, unique investment strategy, long-term commitment, and deep understanding of the life sciences industry. For more information, please visit: http://www.cbi.co.il.

About Atlas Venture

Atlas Venture is a leading early-stage venture capital firm that invests in technology and life sciences companies. Since inception in 1980, we have helped build over 350 companies. Atlas is currently investing from its ninth fund. For more information, please visit www.atlasventure.com.

Mnemosyne contacts:

Kollol Pal, Ph.D.

Mnemosyne Pharmaceuticals, Inc.

Tel. 401-632-0383

Michelle Linn

Linnden Communications

Tel. 508-362-3087

Mobile 774-696-3803

linnmich@comcast.net

SOURCE Mnemosyne Pharmaceuticals


© Accesswire 2013
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