A Chicago biopharmaceutical company developing new ways to treat pain, epilepsy and other nervous system disorders is following up a $43 million series B round of funding in 2010 with another round of up to $47.5 million.
NeuroTherapeutics Pharma Inc. is developing a new class of medicines for neurological and neuropsychiatric conditions that includes its lead molecule, NTP-2014.
In its new round of funding, the company has already secured $12 million from eight investors. Its existing investors include Boston’s Fidelity Biosciences and MPM Capital, Pfizer, and GlaxoSmithKline’s venture fund, SR One.
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The series B round in 2010 was expected to carry the drug through proof-of-concept phase 2 trials in 2011 and help expand the company’s pipeline of treatments for neurological disorders. At that time, NeuroTherapeutics Pharma was preparing the compound for an Investigational New Drug application with the U.S. Food and Drug Administration.
Safe and adequate control of pain and epilepsy are unmet medical needs, the company says, as current treatments lack efficacy or cause significant side effects. The market for antiepileptics is expected to experience slow growth between now and 2020 due to increasing use of generics, according to a market report from Decision Resources.
NeuroTherapeutics Pharma is led by CEO Stephen Collins, a former senior director of CNS and pain at Johnson & Johnson, and a former faculty member in the Department of Neurology and Neurosciences at Case Western Reserve University. A message left for a company representative was not returned Thursday.