A new mental health-driven biotech has arrived in Syremis Therapeutics. Co-founded by the mind behind Karuna Therapeutics and its novel schizophrenia treatment Cobenfy, the company has officially launched its mission to advance innovative treatments for schizophrenia and other psychotic disorders with a $165 million series A.
Bain Capital Life Sciences, Google Ventures, QVT and Pictet pitched in on the financing, with Dexcel Pharma and Third Rock Ventures leading the charge. The investment stands to support Syremis’ advancing pipeline and its lead program, a dual M1/M4 muscarinic agonist dubbed ST-905 that’s currently in phase 1 development for schizophrenia and other neuropsychiatric conditions, Syremis said in a Dec.18 release.
Citing ST-905’s differentiated potency and “favorable pharmaceutical properties,” Syremis believes it has best-in-class potential across several neuropsychiatric indications and dosing formulations. Novel NMDA antagonist ST-901, meanwhile, holds promise in major depressive disorder and bipolar depression, according to the company. Both pipeline programs were initially discovered and developed at Clexio Biosciences, an Israeli neuropsychiatry biotech led by Syremis’ co-founder and CEO Elizabeth Kogan.
“Syremis was founded with a shared vision to advance mental health care through innovation grounded in emerging scientific and clinical insights,” Kogan said in the release.
Kogan, who spun Syremis out of Clexio, linked up with Karuna’s former CEO Steve Paul to bring Syremis’ mission to life. Karuna was snapped up by Bristol Myers Squibb for $14 billion at the end of 2023 for the biotech's innovative schizophrenia med KarXT, now commercialized as Cobenfy.
Cobenfy, another dual M1/M4 agonist, was a fresh entrance to the aging collection of current schizophrenia medicines and is now being evaluated in Alzheimer’s disease psychosis. The condition impacts more than 20 million people worldwide, but existing treatment options often fall short in both efficacy and tolerability, Syremis notes.
“Schizophrenia and Alzheimer’s disease psychosis remain two of the most challenging of all neuropsychiatric disorders, and the need for new and effective therapies could not be greater,” Paul said. “With its balanced M1/M4 profile and promising pharmaceutical properties, Syremis has the potential to build on important clinical progress and ultimately transform the treatment landscape for patients and their families.”
Joining Kogan as CEO are co-founders Elena Kagan and Manashe Levy, who will sit as chief development officer and chief technology officer, respectively. Both execs also co-founded Clexio alongside Kogan in 2018. Syremis, which is based in Tel Aviv and Boston, can trace its roots back to Teva as the three leaders originally held executive roles within Teva’s R&D arm before migrating to Clexio.
Co-CEO of Dexcel Pharma Ilan Oren, who chairs the board at Syremis, points to the company’s “seasoned leadership team, compelling science and strategic focus” as an indicator of its position to deliver “meaningful impact for millions of patients worldwide.”