Neuren Pharmaceuticals (ASX: NEU) has raised $21.5 million to accelerate execution of its development and commercialisation strategy.
The funds were raised through a placement of new shares priced at $0.115 each to professional and sophisticated investors.
Neuren focuses on developing new therapies for brain injury, neurodevelopmental and neurodegenerative disorders.
Proceeeds will be used to:
- Complete four Phase 2 clinical trials of NNZ-2566 in Fragile X Syndrome, Rett Syndrome, Concussion and Traumatic Brain Injury;
- Optimising the manufacturing process for commercial supply of NNZ-2566; and
- Advancing Neuren’s second drug product NNZ-2591 through pre-clinical development.
NNZ‐2566 is a synthetic analogue of a naturally occurring neuropeptide derived from IGF‐1, a growth factor produced by brain cells. In animal models, NNZ‐2566 inhibits neuroinflammation and normalises the function of microglia with consequent improvements in molecular, cellular, anatomic and behavioural outcomes.
NNZ-2591 is in the same class though testing in the Fragile X model indicates that it offers similar results to NNZ‐2566 with just a third of the dosage.
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