BrainCells expands Series B financing to $50 million
San Diego, CA, April 17, 2008 – BrainCells Inc. (BCI), a biopharmaceutical company utilizing its platform technology to identify and develop compounds that promote the growth of new neurons for the treatment of central nervous system (CNS) diseases, announced today that it raised an additional $20 million in an extension of its Series B financing, bringing the total to $50 million. New investor, New Enterprise Associates (NEA), along with current investors and Alexandria Real Estate Equities, Inc. participated in the extension. Other investors that participated in the Series B included MedImmune Ventures, Bay City Capital, Oxford Bioscience Partners, Technology Partners, Pappas Ventures and NeuroVentures. The financing will be used to continue clinical development of BCI’s product candidates including a Phase 2 trial with BCI-540, and to identify additional assets to further expand its pipeline.
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