GH Research Ireland announced that it closed an oversubscribed Series B financing round with proceeds of $125 million.
Dublin, Ireland-based GH develops the GH001 therapeutic, a drug product for 5-MeO-DMT administration through a proprietary inhalation approach.
A Phase 1 healthy volunteer trial showed GH001 to be well-tolerated while defining a dose range and individualized dosing regimen, according to the company. The drug is currently in a Phase 1/2 clinical trial for treating patients with treatment-resistant depression.
GH said in a news release that it plans to use the money to help develop GH001 for use in other psychiatric and neurological disorders, while also advancing GH002, its injectable 5-MeO-DMT product candidate, into clinical development. The company is also seeking to explore additional drug-delivery approaches.
RA Capital and RTW Investments led the $125 million financing round with existing investor BVF Partners. New investors included Acuta Capital Partners, Boxer Capital, Cormorant Asset Management, Deerfield Management Company, Logos Capital, Surveyor Capital (a Citadel company), Venrock Healthcare Capital Partners and Verition Fund Management.