By Jennifer Chiou
New York, July 14 - BrainCells Inc. said it closed on $17.7 million in series A financing.
Technology Partners, Oxford Bioscience Partners and Bay City Capital led investors that also included A.M. Pappas & Associates, Neuro Ventures, Matthias Bowman, company founders Harry Hixson and Fred H. Gage and Eric Kandel.
The investors have invested $8 million thus far and upon the completion of certain BrainCells milestones will provide another $9.7 million.
The company also said Roger Quy of Technology Partners and Arthur Pappas of A.M. Pappas & Associates joined its board.
San Diego, Calif.-based BrainCells, a neuroscience-focused, drug discovery and development company, merged with NeuroGenix in December 2004.
Proceeds will go towards development of late-stage clinical compounds related to the central nervous system.
| Issuer: | BrainCells Inc.
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| Issue: | Preferred stock
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| Amount: | $17.7 million
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| Round: | Series A
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| Investors: | Technology Partners, Oxford Bioscience Partners, Bay City Capital (lead); A.M. Pappas & Associates, Neuro Ventures, Matthias Bowman, Harry Hixson, Fred H. Gage, Eric Kandel
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| Announcement date: | July 14
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