Cerebral Therapeutics closed a $3 million Series A financing round this week to support the development of its drug-device therapy designed for patients with refractory epilepsy.
The Aurora, Co.-based company’s product uses an implanted, refillable catheter system to deliver a continuous, intracerebroventricular dose of an anti-epileptic drug – valproic acid.
Investors that contributed to Cerebral Therapeutics’ Series A round included Granite Point Capital Management and Vivo Capital. The company is slated to use its newly-acquired funds to support an investigational new drug application to the FDA.
“I am excited about the significant capability our new investors and board members bring to Cerebral Therapeutics,” CEO Dr. Dan Abrams said in prepared remarks. “We believe we are now well positioned to advance our potentially life-changing therapy for adult patients with refractory epilepsy while establishing a strong foundation for future therapeutic opportunities in other uncontrolled neurological conditions.”
In connection with the funding round, Warren Lammert, founder & chief investment officer of Granite Point Capital; Mahendra Shah, managing director at Vivo Capital; and Stephen Farr, co-founder, president & CEO of Zogenix have joined Cerebral Therapeutics’ board.
Dr. Andre Cheng, portfolio manager at Granite Point Capital, will join as a board observer, according to Cerebral Therapeutics.
“Chronic drug delivery directly to the brain is an innovative approach that offers hope to people living with uncontrolled seizures and to those living with other serious neurological disorders,” Lammert said.