Synchroneuron Completes $6 Million Series A Financing to Fund Development of a Novel Treatment for Movement Disorders
Waltham, MA -- Synchroneuron Inc., a privately-held biopharmaceutical company, today announced the completion of its Series A financing with a $6 million investment from Morningside Technology Ventures Ltd.
Synchroneuron is engaged in developing new therapies for tardive dyskinesia (TD) and other related movement disorders. The company was founded by inventor and neurologist Dr. Barry Fogel and the principals of Accellient Partners. Accellient is led by Dr. William Kerns, an entrepreneur with extensive drug development experience in bringing new therapies through IND-enabling programs, regulatory approvals and Phase1/Phase 2 clinical trials.
Tardive dyskinesia (TD) is a chronic, usually irreversible and often disfiguring movement disorder caused by exposure to dopamine antagonists, antipsychotic medications and selected drugs used to treat nausea and vomiting. There are currently no FDA-approved therapies for TD. Synchroneuron is developing a novel drug therapy that simultaneously affects excitatory and inhibitory pathways. The company expects to start Phase 1 clinical trials in 2012.
"By developing a treatment for patients with TD and other movement disorders, Synchroneuron has the potential to bring relief to millions of patients, globally, who have limited therapeutic alternatives, allowing them to return to a more normal life," commented Dr. Fogel, co-founder and CSO of Synchroneuron. "The extensive development experience of the Accellient management team and an exceptional drug profile positions Synchroneuron for success," added Dr. Isaac Cheng of Morningside, a member of the Synchroneuron Board of Directors.
"We are very pleased to attract such a high-quality investor in our first round of financing," said Dr. Kerns, interim CEO of Synchroneuron. "Morningside's extensive global network and its experience and past successes with development stage life science companies will bring far more than financing alone to our company.”
About Synchroneuron- Synchroneuron is a privately held life science company based in the Boston area. The company is engaged in developing a novel treatment for movement disorders, utilizing a drug with simultaneous effects on excitatory and inhibitory neurotransmission.
About Accellient Partners- Accellient is a privately held drug-development organization with broad and deep expertise in early stage development from chemistry through Phase 2. Accellient manages development for emerging companies and Accellient is actively engaged in partnering and fund raising support with selected startups. More information is available at www.accellient.com.
About Morningside- Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged primarily in private equity and venture capital investments. The group has investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside is an active investor in early-stage life science companies formed around new technologies which represent a high degree of novelty over existing technologies. More information is available at www.morningside.com.
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