This new round builds on the earlier financings from Brain Trust Accelerator Fund II of Burlingame, CA, and the Rise of the Rest Fund and Makana Holdings of Washington, DC.
The company also announced that Javier Romero, chairman and CEO of Chinalink, will join the board of directors.
The proceeds of the series B will support Phase 3 pivotal trials for CTC-501 for the treatment of Major Depressive Disorder and CTC-413 for the treatment of Parkinson's Disease as well as completion of the development and validation of a diagnostic product for Parkinson's Disease.
Dr. Kathleen Clarence-Smith, co-founder and Board chair of CTC welcomed Javier Romero, chairman and CEO of Chinalink.
Major Depressive Disorder is a common psychiatric disorder mainly characterized by at least two weeks of low mood along with poor self-esteem, reduced energy and diminished interest in normally enjoyable activities. Symptoms can be periodic or continuous.
They impair personal and work life as well as sleeping, eating, and general health. The disorder is estimated to affect more than 300m of the world's population. Onset usually occurs in early adult life, with females affected nearly twice as often as males.
Risk factors include a family history of depression, major life changes, chronic health problems, and certain medications.
The cause is poorly understood, but thought to involve a combination of genetic, environmental, and psychological factors.
Treatment generally consists of counseling and/or antidepressant medications. Electroconvulsive therapy and transcranial magnetic stimulation may also be employed.
Parkinson's disease is the second most common neurodegenerative disorder of the human central nervous system.
Chase Therapeutics Corp., since its inception in 2016, has specialized in the discovery and development of needed pharmaceuticals for brain disease.
The company focuses on the rapid translation of therapeutic breakthroughs in neurosciences research that may help prevent and potentially cure central nervous system dysfunction.
Lead drugs in its pipeline include CTC-413 for the palliative and neuroprotective treatment of Parkinson's Disease and CTC-501 for Major Depressive Disorder.
Both drugs, along with a companion diagnostic for Parkinson's disease, are now entering Phase 3 development. Chase Therapeutics stands committed to improving the lives of all those afflicted by neuropsychiatric disease.
Chinalink´s private equity was founded by Javier Romero in 2009. Chinalink´s vision has been to invest in highly innovative companies destined to help shape the 21st century from climate change to artificial intelligence to biotech.
As an integrated financial services group, the company supports its portfolio companies at each stage of their development from start up, through growth, to successfully established businesses.
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