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BURLINGTON, Mass. - Minerva Neurosciences, Inc. (NASDAQ:NERV) announced Wednesday the appointment of Dr. Inderjit Kaul to its board of directors. Dr. Kaul, currently Chief Medical Officer at Draig Therapeutics, will also serve as a consultant for the clinical development of roluperidone, the company's investigational treatment for negative symptoms in schizophrenia. The micro-cap biotech, currently valued at just over $30 million, has seen its stock price surge 104.76% over the past year.
The appointment follows Minerva's recent $200 million private placement to fund a confirmatory Phase 3 trial for roluperidone, resubmission of its New Drug Application, and preparation for potential U.S. commercial launch. This significant capital raise comes as NERV shares have posted a remarkable 196.55% gain over the past six months, though InvestingPro data suggests the stock is trading above its Fair Value. The company maintains a healthy current ratio of 4.87, indicating strong short-term liquidity.
Dr. Kaul previously served as Senior Vice President of Late-Stage Clinical Development, Neuropsychiatry at Bristol Myers Squibb, where he oversaw development of Cobenfy for schizophrenia and other indications. Prior to that, he led development of the same muscarinic agonist at Karuna Therapeutics, resulting in FDA approval.
"Dr. Kaul is an experienced and successful global drug development leader, with expertise in regulatory, clinical and commercialization operations," said Dr. Remy Luthringer, Executive Chairman and CEO of Minerva Neurosciences, in the press release.
Minerva is developing roluperidone to address negative symptoms in schizophrenia, which include blunted affect, alogia, avolition, anhedonia, and asociality. These symptoms affect approximately 50% to 60% of people with schizophrenia and currently have no FDA-approved treatments.
The company plans to strengthen its board with additional members experienced in schizophrenia clinical trials to support the confirmatory Phase 3 trial of roluperidone.
Dr. Kaul holds an M.D. and MPH from Harvard University.
In other recent news, Minerva Neurosciences has secured up to $200 million in financing to support the development of its schizophrenia treatment candidate, roluperidone. The company entered into a securities purchase agreement with institutional investors, which includes an upfront funding of $80 million. This agreement also allows for an additional $80 million if Tranche A warrants are exercised. Furthermore, an extra $40 million could be received if Tranche B warrants are exercised upon achieving a specific clinical milestone. These recent developments aim to advance the treatment through a confirmatory Phase 3 trial. Minerva's financing strategy involves a private placement, exchanging shares of Series A preferred stock for the initial funds. The company aims to use this financing to continue its research and development efforts.
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