Engrail Therapeutics, a precision neuroscience company focused on the development of transformational therapies to improve the lives of patients, announced the close of an oversubscribed $157 million Series B financing round.
The round was co-led by new investors F-Prime Capital, Forbion, and Norwest Venture Partners, with participation from RiverVest Venture Partners, Red Tree Venture Capital, funds managed by abrdn Inc., Ysios Capital, Longwood Fund, Eight Roads Ventures, and existing founding investor Pivotal Life Sciences. Since its inception in 2019, the Company has raised over $220 million.
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Through several phases of clinical development, the Company’s pipeline will advance thanks to funding from the Series B investment. The company is creating medicines to treat conditions like depression, anxiety disorders, PTSD, and uncommon neurodegenerative illnesses that have a large unmet medical need.
“With strong financial backing from highly sophisticated and dedicated life science investors, we are well positioned to deliver multiple value-creating milestones. Notably, we look forward to completing our ongoing ENX-102 phase 2 study in generalized anxiety disorder and advancing the rest of our pipeline into clinical development,” said Vikram Sudarsan, Ph.D., president and CEO of Engrail Therapeutics. “Engrail was fortunate to have been incubated under a tremendous commitment from Pivotal Life Sciences. We are excited to start the next chapter of our journey with some of the best thought partners in neuroscience and life sciences investing in our success.”
“We see tremendous potential in Engrail’s pipeline and management team and are excited to participate in their development of transformative therapies for patients,” said Stacie Weninger, Ph.D., board member and president of F-Prime Biomedical Research Initiative.
About Engrail Therapeutics
Engrail Therapeutics is a clinical-stage pharmaceutical company with the aspiration of becoming a leader in neuroscience. Their purpose is to deliver transformational therapies that improve the lives of patients with neuropsychiatric and neurodevelopmental diseases.
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