Private Stock Placement at CoCensys
CoCensys Inc. said Tuesday it raised $8 million through the private placement of a new series of convertible preferred stock.
The Irvine biopharmaceutical company, which develops products to treat neurological and psychiatric disorders, said it may sell an additional $2 million of the stock later this year or early next year.
CoCensys plans to use a “significant portion†of the funds for clinical trials of ganaxolone for the prevention and treatment of migraines. The company plans to begin a Phase II clinical trial this summer to further evaluate ganaxolone in tablet form in migraine patients.
CoCensys also will use proceeds to conclude the preclinical studies of a sodium channel blocker it is developing to treat severe neuropathic pain.
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