Munich-based biotech company HMNC Brain Health, focused on the development of personalised therapies in psychiatry, has received an additional €9 million from its current investors.
The supplemental investment brings the total raised to date to €28 million and will strengthen HMNC’s financial position in advance of an expected Series B round later this year.
The investment, in the form of convertible debt, was provided by family offices, including that of Carsten Maschmeyer, the Jahr family and Dr Guntard Gutmann.
WHY IT MATTERS
The biotech company looks to expand its suite of products in personalised therapies powered by predictive companion diagnostics, leading to shorter treatments and higher remission. The company develops products targeting both major depressive disorder (MDD) and treatment-resistant depression (TRD).
The additional funds will be used to accelerate HMNC’s pipeline development towards market maturity and will allow the company to prepare for two contract research organisation (CRO) proof-of-concept studies, drive strategic growth initiatives and strengthen the HMNC team.
THE LARGER CONTEXT
Synchron, the startup behind an FDA breakthrough neuroprosthesis device that aims to give patients with paralysis the ability to control digital devices with their thoughts, has been cleared by the FDA to begin a clinical trial with human participants.
In related news, Sydney-based Omniscient Neurotechnology has received the US FDA’s 510(k) clearance for its brain mapping software.
ON THE RECORD
“The continued support of our existing shareholders emphasises their confidence in the strategic direction of the business and our potential to develop a unique pipeline in personalised, precision psychiatry,” said Benedikt von Braunmühl, CEO of HMNC Brain Health. “These funds will allow HMNC to advance our strategic agenda and take another step in improving the quality of lives of patients around the world suffering from depression or other neuropsychiatric disorders.”
Carsten Maschmeyer, co-founder and member of the Board of Directors at HMNC Brain Health, added, “We are extremely encouraged with the advancement of the clinical pipeline and will continue to support HMNC Brain Health on its way to become a leading player in precision psychiatry.”