Cerecor Inc Closes on Initial Tranche of US$32 Milion Series B Financing

Cerecor Inc. has, announced the closing of the first tranche of a $32 million Series B financing. Proceeds from the round will support the development of Cerecor’s lead product candidate CERC-301, a first-in-class, oral, selective NR2B inhibitor in Phase II development as a once-a-day adjunctive therapy for severe MDD (major depressive disorder) with a rapid onset of action, and its catechol-O-methyltransferase (COMT) inhibitor platform for various conditions characterized by impairment of executive function and working memory.

“This financing enables Cerecor to continue to advance our compounds in nervous system disorders, including completion of Phase II development of CERC-301, which has the potential to save lives for patients experiencing major depressive disorder with suicidal ideation. We are building on intravenous ketamine’s extensive clinical experience with a more selective and specific oral agent that has the potential for improved safety,” said Blake M. Paterson, MD, Cerecor co-founder and CEO. "We are honored to have an outstanding group of investors who share our vision and are providing the funding to enable us to move both CERC-301 and our COMT platform forward.”

"Cerecor is committed to developing neuroscience compounds that could truly make a difference in patients’ lives, and this financing brings together an international group of investors committed to advancing the Company's lead product candidate, CERC-301,” said Jim Barrett, General Partner of NEA. "In an early clinical study conducted at the NIMH, CERC-301 demonstrated its potential for rapid onset of antidepressant effect, which would address a key unmet need for patients with depression. The Company has made outstanding progress in the last twelve months on this program."