Local biopharmaceutical startup Aptinyx, which is working to develop therapies for neurologic diseases like Parkinson’s and post-traumatic stress disorder, raised $70 million in a Series B round, the company announced today.
The round was led by Bain Capital Life Sciences, whose Managing Director Adam M. Koppel has joined the startup’s board of directors. Bain has also invested in other Chicago startups like ShipBob, FourKites and Hireology.
Other VCs that participated in Aptinyx’s Series B round include Adage Capital, Agent Capital and HBM Healthcare Investments.
“This financing will provide fuel for our growing pipeline as we continue to develop our innovative and differentiated NMDA receptor modulators for the treatment of a variety of neurologic disorders with high unmet medical need,” Norbert Riedel, president and CEO of Aptinyx, said in a statement. “We are delighted by the support of this syndicate of highly respected global investors with extensive domain expertise, which will be valuable as we advance our pipeline toward late-stage development in multiple indications.”
The startup, based in Evanston, Ill., was founded in 2015 by the former team behind Naurex, an Evanston biopharma startup that was acquired by Allergan. In 2016, Aptinyx raised $65 million in a Series A round led by New Leaf Venture Partners, Frazier Healthcare Partners and Longitude Capital, among others. Aptinyx said at the time that the money would be devoted to funding clinical trials and drug development.
Right now, Aptinyx is conducting a Phase 2 study of a drug to treat patients with neuropathic pain associated with diabetic peripheral neuropathy and fibromyalgia, the company said. The startup has also recently launched a Phase 1 clinical study to evaluate a therapy for PTSD.
“Aptinyx is leading a renaissance in neurotherapeutic drug development with its prolific drug discovery platform, unique mechanism of action relevant in a number of challenging neurologic disorders, and ability to quickly advance drug candidates,” Koppel said in a statement. “We are eager to support Aptinyx in the development of its portfolio of promising NMDA receptor modulators for the benefit of patients who suffer from these neurologic conditions.”
