Naurex, a clinical-stage company developing innovative treatments to address unmet needs in psychiatry and neurology, has completed an $18 million Series A financing led by Adams Street Partners and Latterell Venture Partners.
Naurex will use the proceeds from the Series A financing primarily for the phase II trial of its lead compound, GLYX-13, a glycine-site functional partial agonist (GFPA) selective modulator of the NMDA receptor (NMDAR), and also to advance its second-generation GFPA program.
Naurex will also appoint Wilbur (Bill) Gantz of PathoCapital as chairman of Naurex's board of directors, a newly created position. Previously, he was executive chairman of Ovation Pharmaceuticals. Terry Gould of Adams Street Partners and Kenneth Widder, M.D., of Latterell Ventures are also joining as directors.