Morrisville-based Neuronex, a startup drug development company, recently announced that it raised a $1.5 million series A round of funding.
Some of the details surrounding the financing were published in the October 6, 2010 edition of the Triangle Business Journal:
Neuronex is led by management team of Durham company Addrenex Pharmaceuticals, which was sold to Sciele Pharma last year for $29 million.
Moise Khayrallah, one of the co-founders and former CEO of Addrenex, is reprising those roles with Neuronex.
Another former Addrenex exec, Stephen Butts, is Neuronex's executive vice president of commercial operations. He says Neuronex will focus on developing products for the central nervous system. Neuronex has licensed one compound for epilepsy that is expected to go into clinical trials later this month. Butts said the company is also in talks with several other entities about licensing additional compounds.
The investors in Neuronex are the same angel investors who backed Addrenex. The company also has received a $250,000 small business research loan from the North Carolina Biotechnology Center. Butts said Neuronex could be in a position to seek additional capital in the second half of next year, depending on how the company's portfolio develops.
In 2007, Khayrallah presented at CED's Venture conference on behalf of Addrenex Pharmaceuticals, Inc. In 2010, CED celebrated his accomplishments at a Life Science CEO dinner.
In 2007, Khayrallah presented at CED's Venture conference on behalf of Addrenex Pharmaceuticals, Inc. In 2010, CED celebrated his accomplishments at a Life Science CEO dinner. He also spoke at a CED's first FastTrac class of this year, and participated in the program himself as he was starting his company.