SAGE Therapeutics closes USD 20 million Series B funding round with USD 20 million
Biopharmaceutical firm SAGE Therapeutics announced that it was able to score USD 20 million in its Series B funding round. ARCH Venture Partners and Third Rock Ventures participated in the round. Proceeds from the latest round had brought SAGE's fundraising total to USD 57.8 million since the firm was established in 2011. SAGE said it would use the funds to hasten the clinical and preclinical efforts of its pipeline programs. The biopharmaceutical firm develops novel medicines to treat disorders of the central nervous system (CNS).
As part of the transaction, ARCH Ventures Co-Founder and Managing Director Robert Nelsen would be joining the board of directors of SAGE.
SAGE Chief Executive Officer Dr. Jeffrey Jonas said he expected the company to have as many as five of its programs undergo clinical studies at around this time in 2014. He added, "This funding will support our continued evolution into a development and commercial stage company that could transform the treatment landscape for a broad range of serious CNS diseases. We are also gaining a very skilled board member in Bob Nelsen and look forward to adding his strategic leadership to our team."