The corporate venture arms of Eli Lilly and Novartis are backing a $26.1 million round for Charlottesville, VA-based Cavion, a startup focused on a possible key mediator for neurological diseases as well as cancer.
Their drugs target Cav3, which Cavion’s researchers say mediates thalamocortical dysrhythmia, covering a range of diseases such as essential tremor, Parkinson’s disease, neuropathic pain, epilepsy as well as orphan neuro-developmental and genetic disorders such as Angelman Syndrome and Dravet Syndrome.
Much of this new cash will be used to pay for a Phase II study of essential tremor — a movement disorder — as their prototype thalamocortical dysrhythmia disease. And in addition to its lead drug the biotech is also working on new Cav3 therapies.
In addition to Lilly Ventures and Novartis Venture Fund, Enso Ventures jumped in alongside other, unnamed, investors. Cavion launched back in 2005 by two researchers at the University of Virginia, Lloyd Gray and Timothy Macdonald.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 31,500+ biopharma pros who read Endpoints News by email every day.Free Subscription