Newron raises CHF27m

The company placed 2,000,000 new shares at CHF 13.50 per share with institutional investors. The new shares represent 11.2% of the new total number of outstanding shares of 17,817,418. Newron said it will use the proceeds to finance R&D, clinical trails, particularly focusing on ist schizophrenia candidate evenamide and company operations

Newron has a focus on developing drugs for orphan indications and products  that need specialized regulatory and development efforts. The company announced it is seeking opportunistic additions to the its pipeline.

Stefan Weber, CEO of Newron, commented: “With Xadago® (safinamide) launched in twelve European countries by our partner Zambon and in the USA, by US WorldMeds, Newron’s focus is now on the results of its ongoing and potentially pivotal study with Sarizotan in Rett Syndrome, an orphan CNS disease, as well as completing the design of a potentially pivotal study with evenamide (NW-3509) in schizophrenia. 

Roberto Galli, Newron’s Vice President of Finance, added: “The funds raised are expected to support our activities through 2019, well beyond key inflection points of our pipeline products.”