Promentis Pharmaceuticals Inc., a Milwaukee company that is developing drugs to treat schizophrenia and other psychiatric disorders, has raised an additional $17.2 million from investors, bringing the total in its third round of financing to $26 million.

The company previously raised $8.8 million in the round.

The money will be used partly to finance the second phase of clinical trials for the company’s most promising compound. Read the full story here.

Read the BizTimes story here.

Read the Xconomy story here.