Neurocentrx Pharma, an Edinburgh-based biopharmaceutical company, has closed a seed extension round which includes a $5 million-plus investment from the Wellcome Trust.
The funding will accelerate its development of safer, more accessible treatments for major mental health conditions.
Wellcome’s investment was awarded to support a clinical trial for treating resistant bipolar depression early next year.
The trial will assist in achieving FDA regulatory approval in the US and the launch of a new ketamine prescription option for providers and patients to manage home-based depression care.
The company, which also has operations across the US and Australia, is now seeking Series A investment to support Phase 2 and Phase 3 trials.
“This funding reflects confidence in our novel approach and recognition of the urgent need for innovative mental health treatments,” said Ronald Lindsay, founding director of Neurocentrx. “It positions us to deliver a safe, scalable, and effective treatment model for patients living with severe mood disorders worldwide.”
The company is a client of Stephen Gibbens, whose Accountech company provides financial projections, EIS work, financial reporting and R&D tax credit claims.
“We need to make sure that good news about Scottish life sciences companies is spread far and wide,” he said.
#Neurocentrx #wins #funds #mental #health #treatment #Daily #Business