That payout depends on the company hitting key milestones in the pre-clinical and clinical development of the drug. Proniras also received an undisclosed amount of launch funding from firms including Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company and Johnson & Johnson Innovation.
Proniras will be led by its Co-founder and Chief Scientific Officer Chris Toombs, formerly the co-founder and CSO of Seattle biotech company Faraday Pharmaceuticals. Accelerator will maintain executive control over the company.
“Treatment of seizures that result from either physiologic or pharmacologic stimuli is suboptimal for many patients,” Toombs said in a press release. “A robust body of clinical and preclinical data supports the potential utility of tezampanel as a novel therapy for seizures and seizure disorders. We believe that tezampanel could address significant unmet need for a safe, effective and durable seizure therapy.”
In conjunction with BARDA, the company will also develop tezampanel as a potential antidote to deadly nerve agents, a class of chemical weapons. Traces of a nerve agent were found after a suspected chemical attack in Syria earlier this month.