Addex and Perceptive Launch Neurosterix with $63 Million to Accelerate Development of Allosteric Modulator Therapeutics for Neurological Disorders
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Wednesday, April 3, 2024
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With initial funding of $63 million from Perceptive Xontogeny Venture Fund II, with participation from Perceptive Life Sciences Fund and Acorn Bioventures, Neurosterix will acquire a portfolio of preclinical assets and the allosteric modulator drug discovery technology platform from Addex and accelerate their development.
Key Points:
- With initial funding of $63 million from Perceptive Xontogeny Venture Fund II, with participation from Perceptive Life Sciences Fund and Acorn Bioventures, Neurosterix will acquire a portfolio of preclinical assets and the allosteric modulator drug discovery technology platform from Addex and accelerate their development.
- In return, Addex will receive CHF5 million and a 20% equity interest in Neurosterix.
- “The launch of Neurosterix in partnership with Perceptive is an important validation of the Addex allosteric modulator drug discovery technology platform and provides the resources to accelerate development of important preclinical assets, including the M4 PAM and mGlu7 negative allosteric modulator (NAM) programs, into the clinic,” said Tim Dyer, CEO of Addex.
- To guide the launch of Neurosterix, Tim Dyer, in addition to his role at Addex, will assume the role of CEO of Neurosterix.