Naurex Raises $80 Million in Series C Financing to Advance Novel NMDA
Receptor Modulators in Depression and Other CNS Disorders
Follows Positive Phase 2 Data Showing Rapid, Robust and Sustained Antidepressant Effect of
Adjunctive GLYX-13 in Patients with Major Depressive Disorder
EVANSTON, IL, December 3, 2014 – Naurex Inc., a biopharmaceutical company leveraging its unique
platform to develop novel drugs for diseases of the central nervous system (CNS), today announced the
completion of an $80 million Series C financing round.
New investors participating in the round include Cowen Investments, EcoR1 Capital, Goudy Park Capital,
Portola Capital Partners and Sabby Capital. Existing investors also participated in the round, including
Adams Street Partners, Baxter Ventures, Druid BioVentures, Genesys Capital, H. Lundbeck A/S, Latterell
Venture Partners, Northwestern University, PathoCapital, Savitr Capital and Takeda Ventures.
The proceeds will be used to support the ongoing clinical development of lead compound GLYX-13, a
novel NMDA receptor modulator that that will soon enter Phase 3 trials for the treatment of major
depressive disorder (MDD), and second-generation compound NRX-1074, an oral agent in Phase 2 for
MDD. In clinical proof-of-concept studies, GLYX-13 was well-tolerated and demonstrated rapid, robust
and sustained antidepressant effects. NRX-1074 has also shown promising signs of efficacy in preclinical
studies and tolerability in early clinical studies.
Naurex scientists are applying their expertise in selectively modulating the NMDA receptor to generate a
diverse pipeline of first-in-class compounds that may be beneficial in a variety of CNS disorders, including
depression, traumatic brain injury and neuropathic pain. The financing will also support development
activities for these agents that leverage the NMDA receptor’s unique ability to enhance synaptic plasticity
and correct dysfunctions in the way that neural cells communicate.
"The tremendous unmet need and lack of novel approaches to treating CNS disorders provide an
opportunity for a truly transformative technology to make an impact across a number of diseases,” said
Oleg Nodelman, founder and managing director of EcoR1 Capital. "With convincing clinical data from its
lead antidepressant program, and the tools and leadership to apply this approach in other indications, we
believe that Naurex is well-positioned to change the treatment of CNS disorders.”
Norbert Riedel, Ph.D., president and chief executive officer of Naurex, added, "Our company was
established to develop therapeutics that precisely modulate the NMDA receptor to normalize and even
enhance neuronal communication, thereby correcting the dysfunction that is at the root of many CNS
disorders. With the proceeds from this financing, we can advance our ongoing applications of this
promising technology. This includes supporting our highly differentiated clinical programs in depression
and bringing new treatments forward that address other diseases and disorders of the CNS.”
In May, Naurex announced top-line results from its Phase 2b study of GLYX-13, which showed the drug
was well-tolerated and had a robust and sustained antidepressant effect as an adjunctive therapy in
subjects with MDD who had inadequate responses to their existing antidepressants. Naurex plans to
present further data from this study at the Annual Meeting of the American College of
Neuropsychopharmacology in December. Naurex has completed an end-of-Phase 2 meeting with the
FDA and is proceeding with the GLYX-13 Phase 3 program, expected to begin in 2015.