Neurosterix, a clinical-stage biotechnology company developing novel, selective allosteric modulators for neuropsychiatric disorders, today announced the closing of a $105 million Series B financing. The round was led by RTW Investments with participation from new investors Janus Henderson Investors, GV, Ikarian Capital, Affinity Asset Advisors, and Dellora Investments alongside existing investors Perceptive Advisors and Acorn Bioventures.
Proceeds will primarily support the planned advancement of Neurosterix’s lead clinical-stage program, NTX-253, a highly selective muscarinic M4 positive allosteric modulator (PAM), into Phase 2 clinical development for schizophrenia. The financing will also support the company’s broader pipeline of selective allosteric modulators for a range of neuropsychiatric disorders.
In conjunction with the financing, Neurosterix announced three key leadership appointments: Andrew Miller, Ph.D., as Executive Chair of the Board of Directors; Edmund Harrigan, M.D., as an independent director; and, Stephen Brannan, M.D., as Chair of the Clinical Advisory Board. Each brings extensive experience in neuropsychiatric drug development, including senior leadership roles at Karuna Therapeutics, which pioneered a novel approach to treating schizophrenia through the development of COBENFY®, the first muscarinic-based therapy approved for the disease.
“The clinical validation of muscarinic biology has created an important opportunity to develop the next generation of treatments for schizophrenia and other serious neuropsychiatric disorders,” said Fred Callori, Chief Executive Officer of Neurosterix. “We believe Neurosterix is entering a defining stage in its development with NTX-253, our selective M4 allosteric modulator, as we prepare to enter Phase 2 clinical development. With the support of an exceptional investor syndicate and the addition of Andrew, Ed and Steve, we now have the resources and expertise to advance our clinical programs and pursue our broader ambition of building a leading neuropsychiatric company.”
“Muscarinic therapies have opened an important new chapter in the treatment of schizophrenia as the first ever non-dopamine-based treatments, which will bring multiple new treatment options for patients,” said Andrew Miller, Ph.D., Executive Chair of Neurosterix. “I believe Neurosterix’s highly selective approach to M4 modulation has the opportunity to be an important next generation muscarinic treatment building on promising early clinical findings and I look forward to working with the team to advance NTX-253 and help build Neurosterix into a leading company in neuropsychiatric therapeutics with a broader discovery platform capable of generating differentiated therapies.”
Advancing a differentiated approach to neuropsychiatric drug development
Neurosterix is developing highly selective allosteric modulators designed to regulate neural signaling pathways implicated in neuropsychiatric disorders. By fine-tuning receptor signaling rather than directly activating or blocking receptors, the company’s allosteric approach seeks to achieve more precise therapeutic effects with differentiated clinical profiles.
The company’s lead program, NTX-253, is a highly selective, brain-penetrant M4 PAM targeting the muscarinic M4 receptor, a clinically validated target in schizophrenia. Neurosterix has completed Phase 1 single- and multiple-ascending-dose clinical studies of NTX-253; data demonstrated a pharmacokinetic profile supportive of once-daily oral dosing. These findings support further clinical evaluation of NTX-253 as a potentially differentiated antipsychotic treatment option.
“The clinical validation of muscarinic biology represents an important advance in the treatment of schizophrenia, and we believe there is substantial opportunity for the next generation of therapies,” said Connor Williams, Senior Research Analyst at RTW Investments, LP who will join the Neurosterix Board of Directors. “Neurosterix combines a differentiated approach to receptor modulation with encouraging early clinical progress and a deep pipeline of novel programs. We are particularly excited by the opportunity to advance NTX-253 into Phase 2 development alongside a leadership team with an exceptional track record in neuropsychiatric drug development.”
Expanding a pipeline of differentiated neuropsychiatric therapies
Beyond NTX-253, Neurosterix is advancing novel allosteric modulators targeting additional pathways. NTX-819, a potentially first-in-class negative allosteric modulator (NAM) of metabotropic glutamate receptor 7 (mGlu7), supported by preclinical findings in models related to stress, mood and aggression. Neurosterix is also developing NTX-529, a second differentiated M4 PAM for potential applications in additional psychosis- and mood-related disorders.
The company’s intellectual property portfolio includes more than 100 patent filings. Its discovery capabilities combine expertise in medicinal chemistry and receptor pharmacology with a proprietary library of more than 80,000 compounds and over 200 CNS-relevant functional assays to support the discovery and optimization of selective allosteric modulators addressing multiple therapeutic targets for high unmet medical needs.
Strengthening Neurosterix’s leadership with proven neuropsychiatric drug development expertise
- Andrew Miller, Ph.D., is a highly accomplished biopharmaceutical executive with expertise in neuropsychiatric drug development, corporate strategy, and value creation. Most recently, he was the Founder and President of R&D at Karuna Therapeutics, where he was the lead inventor of KarXT – now marketed by Bristol Myers Squibb as COBENFY® for the treatment of schizophrenia, the first novel mechanism approved in the indication in decades. He previously served as Karuna’s Chief Executive Officer, Chief Operating Officer, and as a member of its Board of Directors, guiding the company through its $14 billion acquisition by Bristol Myers Squibb in 2024. Dr. Miller was named to Time magazine’s 100 Next Generation Leaders and 100 Most Influential People in Healthcare for 2025. Dr. Miller currently serves as Chairman of the Board of Progentos Therapeutics and a member of the Board of Alto Neuroscience, Kyverna Therapeutics, and Montara Therapeutics. He holds a Ph.D. in Chemical Engineering from the Massachusetts Institute of Technology and a B.S. in Chemical Engineering from the University of Illinois at Urbana-Champaign.
- Edmund Harrigan, M.D., is a board-certified neurologist with extensive pharmaceutical development and board leadership experience, including prominent leadership roles at Pfizer, where he served as the Senior Vice President and Worldwide Head of Regulatory Affairs and Safety, and Senior Vice President and Head of Worldwide Business Development, and as Vice President, Head of Neuroscience and Ophthalmology. Dr. Harrigan previously served on the boards of Karuna, Bellicum and PhaseBio and currently serves on the boards of Incyte, Acadia and Modulo Bio. He earned his B.A. degree in Chemistry from St. Anselm College, his M.D. from the University of Massachusetts, and trained in neurology at Boston University.
- Stephen Brannan, M.D., previously served as Chief Medical Officer of Karuna where he led the development of COBENFY®. He has extensive experience leading successful clinical trials in psychiatry and neuroscience. Dr. Brannan previously held senior leadership roles at Takeda, Novartis, Cyberonics (now LivaNova), and Eli Lilly, where he directed clinical development programs in schizophrenia, Alzheimer’s disease, and depression. His prominence in CNS clinical trials is reflected in his roles as a founding member of the CNS Summit Leadership Council and on the Scientific Committee of the International Society for CNS Clinical Trials and Methodology (ISCTM). Dr. Brannan received his A.B. from Harvard University and his M.D. from the University of Texas Southwestern Medical School.
About Neurosterix
Neurosterix is a clinical-stage biotechnology company focused on transforming neuropsychiatric care through selective allosteric modulation. The company’s approach is designed to fine-tune brain signaling with greater precision and selectivity, with the goal of developing safer, more effective treatments for people living with schizophrenia, and mood and anxiety disorders. Neurosterix’s pipeline includes NTX-253, a selective muscarinic M4 positive allosteric modulator (PAM) for schizophrenia; NTX-819, a potentially first-in-class mGlu7 negative allosteric modulator (NAM) for mood and anxiety disorders; and NTX-529, a second differentiated M4 PAM for additional psychosis- and mood-related disorders. Neurosterix has operations in Boston and Geneva. For more information, visit www.neurosterix.com.
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