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.

Shares will be sold at market price. Money raised by the offering will go toward research and development of the drugs CERC-501 and CERC-611.cerecor

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