Euthymics Bioscience, Inc. Closes $24 Million
Series A Financing and Completes Acquisition of
DOV Pharmaceutical
–Company Will Develop a Novel Triple Reuptake Inhibitor Antidepressant for the Largest Single
Segment of Patients with Major Depression–
–Euthymics’ Approach Designed to Improve Efficacy and Address the Leading Causes of Drug
Discontinuation–
July 22, 2010 06:05 AM Eastern Daylight Time
CAMBRIDGE, Mass.--(EON: Enhanced Online News)--Euthymics Bioscience, Inc., a clinical-stage company
developing next-generation antidepressants, today announced the completion of a Series A financing -- led by
Novartis Venture Funds and Venture Investors – for a total investment commitment of $24 million in milestone-
conditioned tranches. Hambrecht & Quist Capital Management, LLC, GBS Venture Partners and the State of
Wisconsin Investment Board also participated in the financing. The initial Series A proceeds were used to complete
the acquisition of DOV Pharmaceutical, Inc. and allow for the continued development of DOV’s unique
antidepressant, EB-1010 (formerly known as DOV 21,947), for patients who do not respond adequately to
selective serotonin reuptake inhibitors, or SSRIs. The merged company will operate as a privately held corporation
with headquarters in Cambridge, Massachusetts.
“This impressive commitment speaks to the potential of our clinical-stage entry into the antidepressant market,” said
Anthony A. McKinney, President, CEO and co-founder of Euthymics. “We are addressing a significant unmet
medical need, we have convincing Phase II proof-of-concept efficacy in major depression and we anticipate the start
of a Phase II/III trial in the first half of 2011.”
Euthymics’ lead product, EB-1010, is intended for the estimated two-thirds of major depression patients who do not
respond adequately to SSRIs. This segment is the single largest group of patients with depression and represents a
major unmet medical need. EB-1010 is a novel unbalanced triple reuptake inhibitor which modula