Neurelis closes Series B for intranasal diazepam spray

Neurelis, Inc. said today that it closed a Series B financing round, led by HBM Healthcare Investments. Other investors included LYZZ Capital, which previously led a Series A funding round for the company. Neurelis will use the funds to complete clinical trials for its intranasal diazepam spray and prepare a new drug application to submit to the FDA.

The round, which closed at an undisclosed amount, comes just 1 day after the company said that the FDA granted fast track designation for its diazepam spray, NRL-1. The intranasal formulation is being developed for pediatric and adult epilepsy patients with acute repetitive or cluster seizures.

The company said it expects to submit the new drug application to the FDA in 2018.

“We are very excited to have completed the company’s Series B financing round,” president & CEO Craig Chambliss said in prepared remarks. “We are pleased to bring an outstanding investor in HBM Healthcare to the Neurelis team and greatly appreciate the continued confidence that LYZZ Capital has shown with their full participation in this financing.  We can now complete the clinical development work for NRL-1, assemble our NDA submission, and prepare for the commercialization of this important orphan drug product for the epilepsy community.”

Neurelis won orphan drug designation for NRL-1 in November 2015. The nasal spray delivers a therapeutic dose of diazepam, in the hopes of quickly providing treatment when seizures occur.