Promentis Pharmaceuticals Inc. of Milwaukee, which is focused on discovering and developing therapies to treat central nervous system disorders, sold the final $17.6 million of its $26 million third round of equity investments.
The securities sale was disclosed in a Monday filing with the U.S. Securities and Exchange Commission.
An executive at Promentis Pharmaceuticals’ downtown Milwaukee office declined to comment and referred a reporter to a March 30 press release announcing the Series C investment round.
With this financing, Promentis has raised a total of more than $31 million to date. The company’s leadership expects this financing will take the company through Phase 2 proof-of-concept studies.
The company’s website says Promentis is developing proprietary molecules that ultimately could be used in treating central nervous system disorders including schizophrenia. The company says it is developing its lead compound to treat a psychiatric indication that, despite representing a common disorder affecting millions of patients, has no FDA-approved treatment. Read the full story here.