Partnered with Novartis, tiny Cadent jumps out of stealth with $40M round for its CNS pipeline
A small Cambridge, Massachusetts-based company is hoping its bet on CNS drugs using a well established pharmaceutical approach — allosteric modulators — will cement its place as a biotech powerhouse in the years to come. Cadent Therapeutics — currently a 9-person team — has already found a partner in Novartis $NVS.
The company is working on treatments for movement and cognitive disorders using allosteric modulators, from which some of the biggest neuroscience products, such as Xanax and Ambien, have been developed. On Thursday, Cadent said it had emerged “out of stealth mode” by announcing a $40 million Series B round of funding, led by Cowen Healthcare Investments and Atlas Venture. Investors such as Qiming Venture Partners and Novartis Institutes for Biomedical Research also participated in the round, which will be used to shepherd two of the company’s experimental drugs into three Phase II trials.
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