Neuren Pharmaceuticals (ASX:NEU) has secured funding to commence key activities for Phase 3 of its trial, aimed at developing treatment for Rett syndrome.
The biopharmaceutical company focused on treating brain injuries, neurodevelopment and neurodegenerative disorders is set to receive $11.5 million through the placement of new shares.
As part of the new funds, $10 million of that coming from UK fund, Lanstead Capital, while Neuren also received supporting investments from Rettsyndrome.org.
As a result, the company will now finalise the drug manufacturing process for commercial supply, meet with the US FDA to discuss development and also conduct further studies as part of its Phase 3 trial.
Neuren says despite its share price being under pressure since its March’s trial results exceeded expectations, it has now removed the funding uncertainty, while it also expects to receive FDA feedback within three months.
In additional to that, the company says over the next 18 months Lanstead’s investment will potentially increase its share price.
Shares in Neuren Pharmaceuticals (ASX:NEU) are trading 11.84 per cent lower to 6.7 cents.