Cerecor, a newly formed Baltimore biotech focused on translational medicine for the nervous system, has raised over $22 million in an overallotment of its January 2012 Series A preferred stock financing.
The offering, which was placed with accredited investors including members of Cerecor's board of directors, significantly exceeded the offering maximum of $15 million. Maxim Group of New York acted as placement agent in connection with the offering.
"The completion of this financing is an important step in bringing our lead product, FP01 for the treatment of chronic and acute cough, to the market and to support our early preclinical efforts in cognition and schizophrenia,” said Blake M. Paterson, M.D., co-founder and CEO, Cerecor. Paterson is the former co-founder and CEO of Alba Therapeutics.
He added, “We are delighted by the enthusiastic response to our offering, as it confirms the quality of our company, its product pipeline and our founding team.”