Neurosterix launches with $63 million to advance allosteric modulator therapeutics
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A Swiss biopharmaceutical company announced its launch with $63 million in Series A financing for research and development of allosteric modulator therapeutics to address underserved neurological disorders.
According to a release from Neurosterix, the funding will assist in the building of a discovery technology platform that will identify highly selective, brain penetrant small molecule drugs. The company’s lead program is a muscarinic acetylcholine receptor subtype 4 positive allosteric modulator (M4 PAM) to treat individuals dealing with schizophrenia.
Neurosterix plans to accelerate its advancement of M4 PAM and other potential therapeutics by acquiring a proprietary allosteric modulator drug discovery platform as well as a portfolio of preclinical neuroscience assets from Addex Therapeutics, a pharmaceutical company.
“We are excited to launch Neurosterix to rapidly advance our pipeline of potentially best-in-class therapies targeting patients who suffer from debilitating neurological disorders,” Neurosterix CEO Tim Dyer said in the release. “Our goal at Neurosterix is to develop new medicines based on allosteric modulation that overcome the burdens of traditional drugs and provide patients with the potential to dramatically improve their lives.”