Engrail Therapeutics™ (Engrail), a precision neuroscience company, has successfully concluded an oversubscribed $157 million Series B financing round, co-led by new investors F-Prime Capital, Forbion, and Norwest Venture Partners, along with other notable participants. This round brings the total raised since the company’s inception in 2019 to over $220 million.
The funding infusion will be pivotal in advancing Engrail’s pipeline, which focuses on addressing significant unmet medical needs in conditions such as anxiety disorders, depression, posttraumatic stress disorder, and rare neurodegenerative diseases. Specifically, it will drive forward the ongoing ENX-102 phase 2 study targeting generalized anxiety disorder and facilitate the progression of other promising candidates into clinical development.
Vikram Sudarsan, Ph.D., Engrail’s president and CEO, expressed gratitude for the support, highlighting the backing of distinguished life science investors. He emphasized the company’s commitment to achieving value-creating milestones and the excitement surrounding the collaboration with renowned partners in neuroscience and life sciences.
With the successful financing round, Engrail has welcomed several new members to its board of directors, reflecting the confidence and interest of investors in the company’s potential. Stacie Weninger, Ph.D., representing F-Prime, commented on the substantial potential of Engrail’s pipeline and management team, underscoring their dedication to developing transformative therapies.
Peter Bisgaard, chairman of Engrail’s board and managing director at Pivotal Life Sciences, expressed pride in the company’s rapid evolution into a clinical-stage neuroscience firm. He highlighted the strength of the Series B syndicate, positioning Engrail for significant growth and advancement in its pipeline.
Engrail Therapeutics is dedicated to pioneering breakthrough therapies in precision neuroscience to enhance the lives of patients with neuropsychiatric and neurodevelopmental diseases.