Neurodyn Inc., a pharmaceutical company based in Charlottetown, announced Thursday that it has raised $1,500,000 in private financing.
The investors included the Regis Duffy BioScience Fund Inc., based in Charlottetown, Mertz Holdings, a family office based in Houston, TX, and a number of U.S. and Canadian private investors.
Originally, Neurodyn had targeted to raise $1 million. An additional $500,000 was raised over this targeted amount.
Kenneth Cawkell, CEO of Neurodyn, says Neurodyn has developed a unique business plan that focuses on identifying the bioactive compounds of proven natural products.
“The investors reviewed our commercialization plans, and our science and product potential, and their investment is a strong vote of confidence. These funds will place Neurodyn on a solid growth track as we commercialize our lead therapies in the areas of Parkinson’s disease and nerve pain.”
Denis Kay, chief scientific officer of Neurodyn, says the investors brought in some of the best recognized Neurologists in the USA to review the technologies and the commercial potential “and we passed with flying colours.”
“The investors reviewed our commercialization plans, and our science and product potential, and their investment is a strong vote of confidence. These funds will place Neurodyn on a solid growth track as we commercialize our lead therapies in the areas of Parkinson’s disease and nerve pain," - Kenneth Cawkell, CEO of Neurodyn
Neurodyn is currently placing a remaining amount of $500,000 in equity investment, which qualifies for a 20 per cent rebate from the P.E.I. government and will bring this initial round of financing to a close.
Neurodyn Inc. is a Canadian biotechnology company using a portfolio approach to identifying, validating and developing natural bioactives into both prescription drugs and natural products for the early treatment of neurological diseases.
Based in Charlottetown, the company has developed its BioActives Discovery Engine™ through a combination of 1) international partners with demonstrated historical knowledge of natural compounds, 2) in-house medicinal chemistry capability, and 3) proprietary animal models of neurological disease.
