Within the last month, start-up firm CeNeRx BioPharma Inc. in-licensed a series of compounds aimed at central nervous system disorders and raised $18.5 million in its first financing round.

The Series A round was led by New York-based Perseus-Soros BioPharmaceutical Fund, and also included participation by L Capital Partners, also of New York; A.M. Pappas & Associates, of Research Triangle Park, N.C.; and Wistar Morris.

Co-founder and CEO Barry Brand said the company was "delighted to be working with top-tier life science investors." Funds will be used to support the company's business growth initiatives, including research and development work involving its first compounds to treat depression and anxiety.

Brand previously served as a vice president for London-based GlaxoSmithKline plc before he and CeNeRx president Mark Baric founded the company. Based in Research Triangle Park, N.C., CeNeRx focuses on acquiring and developing early-stage compounds for central nervous system diseases, including depression, anxiety and bipolar disorder, as well as Parkinson's and Alzheimer's disease.

Early this month, the company licensed from Krenitsky Pharmaceuticals Inc., of Durham, N.C., a series of preclinical and early clinical compounds known as reversible inhibitors of monoamine oxidase, or RIMAs, for treating depression and anxiety. RIMAs are functionally related to monoamine oxidase inhibitors (MAOIs), which are known to be effective in treating depression but can cause potential hypertensive side effects when taken with foods rich in tyramine. Since RIMAs are reversible in the presence of tyramine, they are not believed to carry the same risk.

RIMAs also are designed to work on all three neurotransmitters, serotonin, norepinephrine and dopamine, which provide more effective treatment than serotonin and noradrenaline reuptake inhibitors (SNRIs).

In addition to RIMAs, the company also is looking to expand its portfolio to include complementary products and programs. CeNeRx aims to take its drug candidates through Phase II development before seeking partners to help with Phase III testing and commercialization.

In connection to the recent financing, Steve Elms and Tony Sun, both of Perseus-Soros, and Ting Pau Oei, of L Capital Partners, joined the company's board.