MORRISVILLE, NC – A narcolepsy treatment took another step forward this week, as Aerial BioPharma announced it has raised $9.5 million in Series A financing to fund the drug. The company hopes to complete the $12 million round in the fourth quarter – a round first announced in an amended filing in October.
The cash will allow the company to complete a Phase 2b trial to treat daytime sleepiness associated with narcolepsy. The company, which began enrolling participants in September, hopes to complete the trial and have the results in the second half of this year.
The treatment already has an orphan drug designation, meaning that if it passes FDA regulations Aerial will net seven years of exclusivity.