BOSTON — Syremis Therapeutics has launched with $165 million in Series A financing to develop novel medicines for serious mental health conditions, aiming to address major unmet needs with therapies grounded in emerging and clinically validated neuropsychiatric biology.
The Series A round was co-led by Dexcel Pharma and Third Rock Ventures, with participation from Bain Capital Life Sciences, GV (Google Ventures), QVT, and Pictet. The funding will support advancement of the company’s pipeline through clinical proof of concept.
Syremis is focused on developing best-in-class pharmacological treatments for disorders such as schizophrenia, depression, and bipolar disorder, areas where existing therapies often fall short in both efficacy and tolerability. More than 20 million people worldwide are affected by schizophrenia and related psychotic disorders, which are associated with significant disability, high relapse rates, and reduced life expectancy.
The company’s lead program, ST-905, is a dual M1/M4 muscarinic agonist currently in Phase 1 clinical development for schizophrenia and other neuropsychiatric conditions. Syremis said the compound’s potency and pharmaceutical profile position it as a potential best-in-class therapy across multiple symptom domains, with the possibility of once-daily oral dosing as well as a long-acting injectable formulation.
“Syremis was founded with a shared vision to advance mental health care through innovation grounded in emerging scientific and clinical insights,” said Elisabeth Kogan, co-founder and chief executive officer of Syremis Therapeutics. “We are excited to announce the Series A financing to rapidly advance our pipeline into clinical proof of concept.”
In addition to ST-905, Syremis is developing ST-901, a novel NMDA antagonist currently in IND-enabling studies. The company plans to advance ST-901 into Phase 1 clinical development next year for major depressive disorder and bipolar depression, both of which represent significant unmet medical needs. Both programs were originally discovered and developed at Clexio Biosciences before being spun out into Syremis.
“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,” said Steve Paul, M.D., co-founder of Syremis and a member of its board of directors. “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.”
Dexcel Pharma said the company’s leadership team and scientific foundation were key factors behind the investment.
“We are proud to support Syremis in its mission to bring forward novel, clinically grounded approaches for serious mental illness,” said Ilan Oren, co-chief executive officer of Dexcel Pharma. “The combination of a seasoned leadership team, compelling science, and strategic focus positions the company to deliver meaningful impact for millions of patients worldwide.”
Syremis is led by a management team with experience in neuroscience and drug development, including Kogan as CEO, Elena Kagan as chief development officer, and Menashe Levy as chief technology officer. The board includes representatives from Dexcel Pharma, Third Rock Ventures, Bain Capital Life Sciences, and company leadership.
Leerink Partners served as exclusive financial advisor to Syremis Therapeutics on the Series A financing.
