Key Takeaways
- • Neurosterix, a Geneva-based spinout of Switzerland's Addex Therapeutics, raised $105 million in a Series B round to fund a planned phase 2 trial of its schizophrenia candidate NTX-253.
- • The lead candidate NTX-253 is an oral, highly selective muscarinic M4 positive allosteric modulator designed to reduce psychosis symptoms while avoiding the movement and metabolic side effects associated with traditional dopamine antagonists.
- • Neurosterix has already completed phase 1 single- and multiple-ascending-dose studies of NTX-253.
- • Addex did not participate in the Series B and now holds an 8.5% equity stake, down from 20% at the company's 2024 launch.
- • Neurosterix's $65 million Series A in April 2024 was led by funds affiliated with Perceptive Advisors, whose managing director Fred Callori serves as CEO.
Summary
Addex Therapeutics' neuropsychiatric spinout Neurosterix has raised $105 million in Series B financing to fund a planned phase 2 study of its schizophrenia treatment, according to a Wednesday release from Addex. Addex did not identify the investors, saying only that they came from a "syndicate of leading life science investors." Addex, which now owns an 8.5% equity interest in Neurosterix, did not participate in the latest round.
Neurosterix was launched by Addex in April 2024 with a $65 million Series A led by funds affiliated with life sciences investor Perceptive Advisors. The company is led by CEO Fred Callori, who is also a managing director at Perceptive. Addex's rationale for the spinout was to reduce the parent's operating costs and extend its cash runway into 2024's successor year; at the time Addex retained a 20% stake.
The primary use of proceeds is NTX-253, a highly selective muscarinic M4 positive allosteric modulator that Neurosterix plans to advance into a phase 2 trial in schizophrenia. The oral drug is designed to fine-tune muscarinic signaling to reduce psychosis symptoms, with the goal of avoiding the movement disorders and metabolic complications linked to approved dopamine antagonists. Neurosterix has completed phase 1 single- and multiple-ascending-dose studies. A portion of the financing will also support the wider pipeline, including NTX-819, an mGlu7 negative allosteric modulator for mood and anxiety disorders, and NTX-529, an M4 PAM targeting additional psychosis- and mood-related disorders.
Addex CEO Tim Dyer said the financing is "a huge endorsement of the allosteric approach pioneered by Addex in schizophrenia as well as other neuropsychiatric disorders." The round comes against a mixed record for Addex's PAM partnerships. Johnson & Johnson discontinued development of an Addex-partnered mGlu2 PAM in 2024 after poor data in a phase 2 epilepsy trial, and roughly two months before this announcement Indivior Pharmaceuticals ended its long-running PAM collaboration with Addex ahead of its merger with Supernus.
Neurosterix was launched by Addex in April 2024 with a $65 million Series A led by funds affiliated with life sciences investor Perceptive Advisors. The company is led by CEO Fred Callori, who is also a managing director at Perceptive. Addex's rationale for the spinout was to reduce the parent's operating costs and extend its cash runway into 2024's successor year; at the time Addex retained a 20% stake.
The primary use of proceeds is NTX-253, a highly selective muscarinic M4 positive allosteric modulator that Neurosterix plans to advance into a phase 2 trial in schizophrenia. The oral drug is designed to fine-tune muscarinic signaling to reduce psychosis symptoms, with the goal of avoiding the movement disorders and metabolic complications linked to approved dopamine antagonists. Neurosterix has completed phase 1 single- and multiple-ascending-dose studies. A portion of the financing will also support the wider pipeline, including NTX-819, an mGlu7 negative allosteric modulator for mood and anxiety disorders, and NTX-529, an M4 PAM targeting additional psychosis- and mood-related disorders.
Addex CEO Tim Dyer said the financing is "a huge endorsement of the allosteric approach pioneered by Addex in schizophrenia as well as other neuropsychiatric disorders." The round comes against a mixed record for Addex's PAM partnerships. Johnson & Johnson discontinued development of an Addex-partnered mGlu2 PAM in 2024 after poor data in a phase 2 epilepsy trial, and roughly two months before this announcement Indivior Pharmaceuticals ended its long-running PAM collaboration with Addex ahead of its merger with Supernus.
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