Engrail Therapeutics Extends Series A Financing to $64 Million

2021-8-03

August 03, 2021 08:00 AM Eastern Daylight Time

SAN DIEGO--(BUSINESS WIRE)--Engrail Therapeutics™ (Engrail) (the Company), a neuroscience company focused on the acquisition, development and commercialization of patient-centric therapies, today announced the close of a $32 million extension of its Series A financing round, which brings the total round to $64 million. Nan Fung Life Sciences (NFLS), the global investment platform of the Nan Fung Group, led this round following their leadership of the original Series A raise. The Company will use the proceeds to finance the advancement of their diverse pipeline, including its lead assets, ENX-101, ENX-102 and internal preclinical programs. Engrail’s lead compounds are subtype-selective GABA-A modulators with compelling pharmacological profiles that possess wide ranging therapeutic utility. “We are excited to support this team as it continues acquiring high-quality assets and advances them through clinical development.” “Earlier this year, we initiated a Phase 1b study for ENX-101 and Phase 1a study for ENX-102. This funding will help advance these assets, as well as our earlier-stage pipeline, as rapidly as possible while continuing to build out our clinical development capabilities,” said Vikram Sudarsan, Ph.D., CEO and president of Engrail Therapeutics. “Additionally, NFLS has made a long-term commitment to invest $2 billion in the life sciences sector, enabling us to continue leveraging our flexible transaction model to acquire assets with validated mechanisms to treat diseases of the nervous system through licensing, co-development and company acquisitions. We continue to pursue transactions that will grow our pipeline and cater to major unmet needs in the neurosciences.” Engrail has assembled a diverse portfolio of assets with validated mechanisms through its dynamic model for advancing drugs aimed at treating life-limiting diseases of the nervous system. By adopting a 'science-first' approach, combined with a comprehensive view of clinical development strategy, regulatory considerations and intellectual property, the Company can find differentiated assets with validated mechanisms of action for diseases where significant patient need still exists. “Engrail has demonstrated impressive progress in the past year since its founding with the initiation of two Phase 1 studies for its lead candidates,” said Peter Bisgaard, managing director of NFLS and chairman of Engrail’s board of directors. “We are excited to support this team as it continues acquiring high-quality assets and advances them through clinical development.” About Engrail Therapeutics Founded in 2019, Engrail is forging a new direction to reduce the enormous burden of diseases that impact the nervous system. We unite biological insights with clinically meaningful solutions to build and catalyze a diversified portfolio of transformative medicines. Harnessing our rigorous scientific approach to identify the most promising therapies, we leverage our flexible transaction model to advance assets with validated mechanisms and efficiently move them through development to commercialization. Engrail is supported by a long-term capital commitment from Nan Fung Life Sciences. For more information, visit www.engrail.com. About Nan Fung Life Sciences Nan Fung Life Sciences is a global life sciences investment platform with a long-term capital commitment from the Nan Fung Group. Our team possesses diverse experience with long track records in company formation, venture capital, growth/buyout investments, and drug discovery and development. Through direct investments via Pivotal bioVenture Partners US and Pivotal bioVenture Partners China as well as fund investments, we cover the full spectrum of the life sciences industry including therapeutics, medical devices and diagnostics and across all development stages. To learn more, visit www.nanfunglifesciences.com. Contacts Jake Robison CanaleComm, an Ashfield Health Company (619) 849-5383 jake.robison@canalecomm.com