Miami-based Biscayne Pharmaceuticals has raised financing for its new spin-out, Biscayne Neurotherapeutics, which was recently established to develop BIS-001, a novel anti-epileptic drug slated to enter a Phase 1b clinical trial later this year.
BIS-001 is a synthetic form of huperzine A, an extract with a long history of safe use in central nervous system indications in traditional Chinese medicine, the company said. BIS-001 demonstrated exceptional efficacy in animal models of severe epilepsy and appeared safe and well tolerated in a Phase 1a trial.
The $3 million Series B financing round was led by Quark Venture and Chinese investment firm GF Securities, along with Mesa Verde Venture Partners. Existing Biscayne Pharmaceuticals investors and new private investors also participated in the financing round. As part of the financing agreement, the Global Health Sciences Fund will appoint one director and one observer to the Biscayne Neurotherapeutics Board of Directors, and Mesa Verde Venture Partners will also name a director.
Biscayne Neurotherapeutics is a clinical-stage biotechnology company developing drugs for serious central nervous system disorders such as refractory epilepsy. Biscayne’s technology is licensed from Harvard University, Yale University and the University of South Florida.
Epilepsy affects about 3 million people in the U.S. and over 50 million people worldwide.