Neurodyn, a Canadian biotechnology company, has exceeded its funding targets by securing around $1.5 million in private financing, thanks to the investors that included the Regis Duffy BioScience Fund Inc., based in Charlottetown, PEI, Mertz Holdings, a family office based in Houston, Texas, and a number of U.S. and Canadian private investors.
In 2011, Neurodyn had set a target to raise around $1 million, but it has now raised an extra amount of $500,000, which it will place in equity investment. Kenneth Cawkell, CEO of Neurodyn, is of the view that the investors were satisfied with the plans of the company and that by receiving the investment Neurodyn will be able to commercialise its therapies soon. Kenneth Cawkell said:
“Neurodyn has developed a unique business plan that focuses on identifying the bioactive compounds of proven natural products. The investors reviewed our commercialisation plans, and our science and product potential, and their investment is a strong vote of confidence. These funds will place Neurodyn on a solid growth track as we commercialize our lead therapies in the areas of Parkinson’s disease and nerve pain.”
Meanwhile, Neurodyn Chief Scientific Officer, Denis Kay, has expressed satisfaction over the company’s performance in front of the investors. He said:
“The investors brought in some of the best recognized Neurologists in the USA to review our technologies and the commercial potential, and we passed with flying colours. We are now putting together collaborations with them.”
Neurodyn develops natural bioactives into prescription drugs and natural products for treatment of neurological diseases. It has international partners, in-house medicinal chemistry capability and proprietary animal models of neurological disease.
Neurodyn has three lead technologies, which include Progranulin (ND602), a novel therapeutic demonstrating pre‐clinical efficacy in ALS, Parkinson’s disease, Alzheimer’s disease and Spinal Muscular Atrophy, NeuroPro™, a treatment for early stage Parkinson’s disease which will begin sales in Canada in early 2013, and a Nerve Pain Treatment (NQ1123), which is being develop as a prescription drug for a topical nerve pain condition.
Source: Neurodyn
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