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news.Canbex Therapeutics has completed a £2.1m ($3.2m) fundraising round to complete early development of drug candidate to treat spasticity in multiple sclerosis (MS).
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The financing for the round was led by Merck Serono Ventures, the venture capital arm of Merck Serono.
Canbex CEO Jesse Schulman said, "Spasticity is among the most serious and debilitating symptoms of MS. VSN16R, our lead investigational candidate, has the potential to make a difference to people with MS."
Other participants in the financing round were UCL Business, the technology transfer company of UCL, and the Wellcome Trust, through the release of the remaining tranches of funding from the 2011 Translation Award.
UCLB senior business manager Abigail Watts said, "UCLB are delighted that with this latest investment Canbex will see its lead MS therapeutic move into human trials."