Funding Alert

Engrail Therapeutics Secures $157M Series B Funding

• ByStartupStory     |    March 20, 2024

Engrail Therapeutics, a pioneering neuroscience firm based in San Diego, has announced the successful closure of its Series B funding round, raising an impressive $157 million. The funding was co-led by F-Prime Capital, Forbion, and Norwest Venture Partners, with participation from Healthcare investor Eights Road Ventures, RiverVest Venture Partners, and Red Tree Venture Capital.

Engrail Therapeutics aims to utilize this substantial investment to propel its pipeline through various stages of clinical development. The company is focused on developing innovative therapies to address the unmet medical needs of patients suffering from a range of neurological disorders, including anxiety disorders, depression, post-traumatic stress disorder, and rare neurodegenerative diseases.

Founded in 2019 by Vikram Sudarsan and Stephen Cunningham, Engrail Therapeutics is committed to providing solutions to patients with neuropsychiatric and neurodevelopmental diseases. With its primary operations in the US, the company also boasts team members in India and Europe.

The Series B funding marks a significant milestone for Engrail Therapeutics, enabling the company to advance its clinical programs and accelerate the development of novel treatments for neurological conditions. The funding round saw the appointment of prominent industry figures, including Stacie Weninger (F-Prime), Jasper Bos (Forbion), Tiba Aynechi (Norwest), Niall O’Donnell (RiverVest), and Heath Lukatch (Red Tree) to Engrail’s board of directors.

Vikram Sudarsan, President, and CEO of Engrail Therapeutics, expressed his enthusiasm for the company’s future endeavors, stating, “With strong financial backing from highly sophisticated and dedicated life science investors, we are well-positioned to deliver multiple value-creating milestones. Notably, we look forward to completing our ongoing ENX-102 phase II study in generalized anxiety disorder and advancing the rest of our pipeline into clinical development.”

Sudarsan further added, “Engrail was fortunate to have been incubated under a tremendous commitment from Pivotal Life Sciences. We are excited to start the next chapter of our journey with some of the best thought partners in neuroscience and life sciences investing in our success.”

Peter Bisgaard, Chairman of Engrail’s board of directors and Managing Director at Pivotal Life Sciences, shared his pride in the company’s rapid progress, stating, “We are proud to have started Engrail, which has progressed rapidly from an idea into a clinical-stage neuroscience company within just a few years. We have assembled a strong Series B syndicate that positions the organization well for significant growth and pipeline advancement.”

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