Cerevance Raises $45M to Advance Brain Disease Research & Development
Summary
Cerevance, a biotech focused on developing new treatments for brain diseases, has added $45 million to its coffers in a Series B financing round from investors including the venture capital arm of Google parent company Alphabet and billionaire philanthropist Bill Gates. NETSseq, developed at Rockefeller University by company co-founders Nat Heintz, who serves as chief scientific advisor, and Xiao Xu, a senior research fellow, profiles different types of brain cells taken from post-mortem tissue samples. David Schenkein, a general partner at GV, the Alphabet (NASDAQ: GOOGL) venture fund, in a statement highlighted the company’s leadership team as among the elements positioning it for success in creating therapies for patients with brain diseases, a field littered with clinical trial failures. CEO Brad Margus previously co-founded and ran a number of biotechs, including Jupiter, FL-based Envoy Therapeutics, a CNS drug discovery company that was acquired by Takeda Pharmaceutical (NYSE: TAK) in deal worth up to $140 million in 2012. In addition to its in-house work, Cerevance in December signed a research collaboration with Takeda to identify new proteins that, if appropriately targeted, could treat certain gastrointestinal disorders.
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