Cambridge Uni spin-out pharma Psynova raises extra £0.25m
University of Cambridge spin-out Psynova Ltd, which is developing biomarkers for neuropsychiatric disorders, has received a further £250,000 from existing investors after passing agreed milestones.
Porton Capital Ltd has invested £200,000 and Cambridge Enterprise Seed Funds £50,000 as Psynova draws closer to developing diagnostic tests and therapeutic agents for Schizophrenia and Bipolar Disorders and other neuropsychiatric illnesses.
Amongst the milestones reached by Psynova was the generation of 10 putative disease biomarkers suitable for clinical testing and drug discovery in the field of psychiatry.
Psynova was set up in 2005 by Sabine Bahn (pictured) and Prof Chris Lowe of the University of Cambridge. It retains close links with Dr Bahn’s laboratory within the newly established Centre for Neuropsychiatric Research at the University.
Psynova aims to revolutionise the diagnosis of severe mental illnesses and develop better treatment for Schizophrenia. At the moment, diagnosis and prognosis are complex and subjective; drug and treatment regimes are inadequate, largely due to a lack of understanding of pathologies at a molecular level, the company said.
Psynova says it will address this deficiency by identifying specific biomarkers that can be used in the discovery and development of diagnostics and more effective drugs, for example, by boosting the effectiveness of clinical trials and by identifying patient sub-groups that are responsive to particular drugs.
In the longer term it intends to move into related therapeutic areas, such as depression, neurodegenerative disorders and substance abuse, as well as sleep and eating disorders.
Investors
Porton Capital focuses on the distribution and management of sophisticated investor funds and provides development capital for technology commercialisation entities. It has already invested £2.2m in Psynova and expects to commit a further £1.8m over the next year or so.
Cambridge Enterprise Seed Funds invests in early stage businesses that have been founded by researchers at the University. It was established in 2000 with start up funds from the University, the Wellcome Trust, the Gatsby Foundation and the Office of Science & Technology. It is part of Cambridge Enterprise. It has now invested £100, 000 in Psynova and has an option to invest a further £150, 000
23rd November 2006
