MILWAUKEE, Jan. 21, 2014 /PRNewswire/ -- Promentis Pharmaceuticals, Inc., a specialty pharmaceutical company developing novel compounds for schizophrenia, Parkinson's disease and pediatric disorders including autism, announced today it has raised nearly $3 million in Series B financing.
The company will utilize this funding to secure investigational new drug (IND) status for two of its lead compounds and advance these programs into human clinical testing over the next 24 months. Black Horse Investments GmbH, located in Dusseldorf, Germany and headed by Patrick Schwarz-Schuette, led the round. Additional investors included the Golden Angels Investors network and other private investors.
Chad Beyer, Ph.D., M.B.A., president and CEO of Promentis, stated, "We're encouraged by the extremely promising pre-clinical results we've witnessed in our advanced compounds. Specifically, they have demonstrated the capacity to restore glutamatergic dysfunction and prevent oxidative damage, two key clinical symptoms of many central nervous system disorders."
Klaus Veitinger, M.D., Ph.D., chairman of Promentis' board of directors, said, "We are pleased to have secured this funding and are eager to further advancing our lead molecules into the clinic. It is our hope that our efforts will ultimately benefit patients suffering from devastating brain disorders."Promentis' technology was in-licensed from Marquette University and the University of Wisconsin-Milwaukee. In addition to these assets, the company has been successful in designing, synthesizing and characterizing its own proprietary molecules. About Promentis Pharmaceuticals, Inc: Promentis Pharmaceuticals, Inc. was founded in 2007 and is a private, emerging pharmaceutical company focused on developing unique compounds aimed at modifying brain chemistry for the treatment of schizophrenia and other central nervous system (CNS) disorders. Support for Promentis' drug discovery and development programs, in part, has been provided by recent grants from the National Institute of Mental Health (NIMH) and the Michael J. Fox Foundation. Additional information can be found at www.promentispharma.com .