By Jennifer Chiou
New York, Dec. 19 - Hypnion, Inc. said it raised $20.1 million in an extension of its series B private equity financing due to favorable clinical results in its lead insomnia program.
Investors included MPM Capital, Advanced Technology Ventures, Forward Ventures, Flagship Ventures, Oxford Bioscience Partners, GIMV, S.R. One Ltd., Jafco, Alexandria Real Estate Equities and Mintz Levin Investments.
"This financing demonstrates the confidence and excitement of our investors in the promise and market potential of our clinical programs," president and chief executive officer John F. Dee said in a news release.
Proceeds will go towards advancing its lead program into phase 2 trials and a second compound into phase 1 trials.
Based in Lexington, Mass., Hypnion is a neuroscience drug discovery and development company focused on sleep disorders. The company has a series of H1 receptor modulators to treat chronic insomnia based on the Score-2004 pharmacological drug discovery system.
| Issuer: | Hypnion, Inc.
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| Issue: | Preferred stock
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| Amount: | $20.1 million
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| Round: | Series B
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| Investors: | MPM Capital, Advanced Technology Ventures, Forward Ventures, Flagship Ventures, Oxford Bioscience Partners, GIMV, S.R. One Ltd., Jafco, Alexandria Real Estate Equities, Mintz Levin Investments
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| Announcement date: | Dec. 19
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