Early stage drug developer Promentis Pharmaceuticals has raised $1.94 million in equity to continue development of its schizophrenia therapeutics.
The Series A round was led by the Marquette Golden Angels Network, which contributed $770,000. Also participating were a German group called Black Horse Investments and some “key individuals,” according to Promentis Chief Executive Daniel Lawton.
Last year, Promentis completed a licensing agreement with Marquette University and the University of Wisconsin-Milwaukee Research Foundation to commercialize its core technology. Promentis wants to develop an anti-psychotic drug for schizophrenia, as well as other central nervous system treatments. The treatment is based on research that creates compounds focused on the brain receptors, as well as the ability to adjust the brain’s neurotransmitters.
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Promentis is about two years away from beginning human trials, Lawton said. The company has six employees and was founded in 2006. Prior to its latest investment, Promentis funded its operations through grants, including one from the National Institutes of Health.
The founders of Promentis are former executives from Schwarz Pharma’s American headquarters located just outside of Milwaukee.
[Photo courtesy of Flickr user Vizzzual.com]
