London-based SR One, GSK’s venture capital arm, joined the Roche Venture Fund, another new investor and a pool of existing investors to raise approximately €25m for Addex Pharmaceuticals.
The company, which focuses on treatments for central nervous system disorders, will use the funding to further develop its portfolio of clinical and pre-clinical compounds.
Addex has also announced plans to develop a broad portfolio of pre-clinical opportunities in the central nervous system field, as well as in other therapeutic areas such as fertility and metabolic disorders.
"We have been very impressed by how Addex has leveraged its allosteric modulation approach to drug discovery to progress compounds to the clinic,” Deborah Harland, principal at SR One, who has joined the board at Addex in connection with the investment.
“With Phase II clinical compounds for central nervous system indications and a broader, very exciting preclinical pipeline, we are confident that Addex can build a business of very significant value.”
© Crimson Business Ltd. 2006