Cerevel Therapeutics: Rises on funding for late-stage Parkinson's disease program

Hanall Biopharma

13/04/2021 14:18

** Shares of biopharma co  CERE.O  up 8.3% at $14.70
premarket
    ** Cerevel Therapeutics secures up to $125 mln non-dilutive
financing to fund its full late-stage development program for
its drug candidate tavapadon to treat Parkinson's disease 
 urn:newsml:reuters.com:*:nGNX7ZF1yB
     ** NovaQuest and Bain Capital are each expected to pay up
to $62.5 mln in four installments over four years - co
    ** In exchange, the investment firms will receive milestone
and royalty payments, not exceeding 4.25 times the full amount
paid to Cerevel
    ** CERE to retain full worldwide commercial rights 
    ** The drug is currently being studied in three late-stage
trials and an open label extension trial; preliminary data
readouts expected in first half of 2023 - co
    ** CERE down 18.2% YTD, as of last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))