Accera, Inc. Launches Neuera Pharmaceuticals, Inc.
April 15, 2009
New Business Spin-off to Focus on Drug Development for Neurological Conditions
Broomfield, CO, April 15, 2009 – Accera, Inc., a biotechnology company delivering breakthrough therapies in central nervous system (CNS) diseases, announced today the formation of Neuera Pharmaceuticals, Inc., a drug development company. The new company will focus on the discovery and development of proprietary small molecule drugs for acute and chronic neurological conditions where the mechanism of defective energy metabolism or hypometabolism is involved.
Neuera Pharmaceuticals will operate as a wholly owned subsidiary and will be spun out of Accera as a stand-alone company after the completion of a $12 million series A financing round. Existing Accera investors have already committed to participate in the capital raise. Some of Accera's management and staff will join the newly formed company, and the current small molecule pipeline at Accera including the preclinical compounds, AC-0523 and AC-8632, have been transferred to Neuera. In addition to in-house development of small molecules, Neuera Pharmaceuticals is actively pursuing the license or acquisition of late clinical-stage products for CNS diseases or conditions that complement the hypometabolism platform.
"The division of our pipeline and Axona™ product between two organizations allows each one to concentrate on the unique regulatory requirements for their respective class of products. Each company will be a regulatory and market pure play that is better appreciated by investors and the industry," said Steve Orndorff, Ph.D., Accera's founder and CEO. "Furthermore, we believe the success of Axona in the marketplace will provide a real world validation of the energy metabolism platform for Neuera Pharmaceuticals' pipeline development."
On March 2nd Accera launched Axona, a first-in-class medical food product for the clinical dietary management of the metabolic processes associated with mild-to-moderate Alzheimer's disease. Axona is a prescription-only product for use under physician supervision. By spinning off the drug development products into a new entity, Accera will focus on building the Axona brand in the marketplace.
Numerous peer-reviewed articles have documented hypometabolism as a physiological hallmark of Alzheimer's disease. Defective metabolism of glucose has been shown to precede the onset of symptoms or diagnosis of AD and worsens as the disease progresses. Axona was developed as a substitute for glucose when it cannot be metabolized by neurons in the brain.
For more information about Axona, please visit www.about-axona.com.