BALTIMORE, MD — Cerecor Inc., a clinical-stage biopharmaceutical company, announced plans Friday to sell $12 million in stock to raise money for the development of two psychiatric drugs.
CERC-501 is a treatment for major depressive disorder that has shown positive results in animal and four human clinical trials. The drug is undergoing testing in three externally-funded clinical trials with support from the National Institute of Mental Health, the National Institutes of Health, Yale University, Rockefeller University Hospital and a private foundation.
CERC-611 is a therapeutic drug for partial-onset seizures and epilepsy patients. Cerecor will file a new drug application with the Food and Drug Administration and expects Phase 1 development in 2017.
The $12 million stock offering will be made with Maxim Group LLC as Cerecor’s sales agent.
Cerecor’s stock rose 4.60 percent, or 4 cents, to 91 cents by market close Friday.
The filing can be found here.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism