Naurex continues their success story, announcing last week that they raised an additional $25 million from investors.
Naurex, based in Evanston, is a biopharmaceutical company developing therapies for difficult-to-treat depression and other challenging diseases of the central nervous system
Naurex received the additional funds after they reported Positive Top-Line Phase 2b Results for their Novel Antidepressant GLYX-13 and Advances NRX-1074 into Phase 2 Depression Study.
Norbert Riedel, PhD, president and chief executive officer of Naurex, commented, “These advances highlight the breakthrough potential of our proprietary platform for addressing CNS disorders through an entirely new mechanism—modulating the NMDA receptor to affect pathways involved in neuroplasticity with excellent efficacy and tolerability. The promising top-line data from our repeat-dose study of GLYX- 13 continue the remarkably consistent pattern of activity and safety observed across all preclinical and clinical studies to date. These results suggest that GLYX-13 has the potential to address the most important unmet medical needs confronting millions of patients with depression worldwide.”
The Northwestern University spinout is backed by drug and device makers including Deerfield-based Baxter International Inc., Takeda Pharmaeuticals USA and Lundbeck U.S., and venture capital funds such as Chicago-based Adams Street Partners LLC and Deerfield-based PathoCapital LLC.
In late 2012 Naurex raised $38 million, and now their total fundraising has been $89 million. They plan to continue to raise funds to cover further trials.
“This puts us in a very good position to explore various options to secure significant additional capital,” said Ashish Khanna, vice president of corporate development.
Naurex has 50 employees, including contract workers and consultants. It added about 15 people in the past year and continues to hire.