Syremis Therapeutics Launches with $165M to Develop Best-in-Class Medicines for Mental Health Conditions

• Addressing major unmet needs in mental health with pharmacology rooted in emerging and clinically validated neuropsychiatric biology
• Lead program ST-905, a potent M1/M4 muscarinic agonist, currently in Phase 1 clinical development
• Second program ST-901, a novel NMDA antagonist, currently in IND-enabling studies and expected to enter Phase 1 development next year
• Series A co-led by Dexcel Pharma and Third Rock Ventures with participation from Bain Capital Life Sciences, GV (Google Ventures), QVT, and Pictet

Tel Aviv and Boston--(BUSINESS WIRE)--Syremis Therapeutics, a clinical-stage biopharmaceutical company developing novel medicines to make a profound impact on the treatment of mental health, today announced its launch with a $165 million financing. The Series A, co-led by Dexcel Pharma and Third Rock Ventures, with participation from Bain Capital Life Sciences, GV (Google Ventures), QVT, and Pictet will support the advancement of Syremis’ pipeline through clinical proof of concept.

Schizophrenia and other psychotic disorders remain among the most debilitating and underserved conditions worldwide, with more than 20 million people affected and facing considerable disability, elevated relapse rates, and reduced life expectancy. Despite decades of need, current treatments often fall short in both efficacy and tolerability.

Syremis’ lead program, ST-905, is a dual M1/M4 muscarinic agonist under development for schizophrenia and other neuropsychiatric conditions and is currently in Phase 1. The molecule’s differentiated potency and favorable pharmaceutical properties position it as a potential best-in-class therapy across multiple neuropsychiatric indications and symptom domains, with opportunities for once-daily oral dosing and 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 CEO of Syremis Therapeutics. “We are excited to announce the Series A financing to rapidly advance our pipeline into clinical proof of concept.”

“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, MD, Syremis’ co-founder and member of the Board of Directors, and former CEO and Chair of Karuna Therapeutics. “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.”

The company is also advancing ST-901, a novel NMDA antagonist currently in IND-enabling studies. ST-901 will be developed for major depressive disorder and bipolar depression, two conditions with significant unmet need and high societal impact. Both ST-905 and ST-901 were initially discovered and developed at Clexio Biosciences and subsequently spun-out to Syremis Therapeutics.

“We are proud to support Syremis in its mission to bring forward novel, clinically grounded approaches for serious mental illness,” said Ilan Oren, Co-CEO 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 seasoned team with deep expertise in drug development, neuroscience and a proven track record of delivering innovation.

Leadership Team:

• Elisabeth Kogan, Co-Founder and CEO
• Elena Kagan, Co-Founder and Chief Development Officer
• Menashe Levy, Co-Founder and Chief Technology Officer

Board of Directors:

• Ilan Oren, Board Chair, Co-CEO, Dexcel Pharma
• Reid Huber, Partner, Third Rock Ventures
• Uri Oren, Co-CEO, Dexcel Pharma
• Steve Paul, Syremis Therapeutics co-founder; former CEO and Chair of Karuna Therapeutics and former EVP for Science and Technology at Eli Lilly
• Ray Sanchez, Senior Advisor at Bain Capital Life Sciences, former CMO of Cerevel
• Elisabeth Kogan, Co-Founder and CEO of Syremis Therapeutics

“Syremis embodies the values we prioritize in our company-building efforts,” said Reid Huber, Partner at Third Rock Ventures. “With a highly capable team and compelling scientific foundation, the company is well-equipped to drive its programs forward with urgency and conviction.”

Leerink Partners acted as exclusive financial advisor for Syremis Therapeutics' Series A financing.

About Syremis Therapeutics

Syremis Therapeutics is a clinical-stage biopharmaceutical company developing novel medicines to make a profound impact on the treatment of mental health disorders. The company’s neuropsychiatric pipeline is rooted in emerging and clinically validated mechanisms of action, including muscarinic M1/M4 agonism and next-generation NMDA antagonism. Syremis’ lead program, ST-905, is a dual M1/M4 agonist in Phase 1 development for schizophrenia and other psychiatric conditions. Please visit www.syremis.com to learn more.

Media
Corey O’Keeffe
corey@thirdrockventures.com