Delix Therapeutics closes $30M Convertible note Financing

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Delix Therapeutics is a Boston-based neuroscience company that develops novel treatment options for neurological and psychiatric conditions. It raised $30M in Convertible note funding.

Funding was provided by selected long-term partners, but the majority of Delix’s efforts were led by existing investors. Delix also secured a $10,000,000 Strategic Credit Facility with Comerica Bank’s Technology & Life Sciences Practice, a partner in venture debt to support sponsor-backed businesses.

The company intends to use the funds to grow its drug development program, pipeline, and platform of novel neuroplasticity-promoting therapeutics known as psychoplastogens; continue to expand its team; and execute on additional strategic opportunities in 2022.

Led by CEO Mark Rus, Delix Therapeutics is advancing psychoplastogens-neuroplasticity-promoting therapeutics–to treat mental health disorders at scale. These compounds are small molecules that can quickly induce structural and functional neural changes in specific areas of the brain. Many of these molecules were inspired by psychedelic substances. They preserve their efficacy-promoting mechanism while avoiding their hallucinogenic effects and other safety hazards. Delix is working to develop these compounds through clinical and preclinical development. This will allow patients FDA-approved take-home medicines that can meet many unmet medical needs.

The company closed a Series A financing round of $70 million in September 2021 to finance the advancement of its lead candidates through Phase 1 clinical trials and further expand its drug discovery platform. It also grew its team quickly with a $70million Series B financing round.

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