A US-based pharmaceutical company is set to launch trials exploring how its inhaled CBD products can help treat anxiety disorders.
Receptor Life Sciences (RLS), a pharmaceutical company developing new therapies to address central nervous system disorders, has secured funding to study the effects of its CBD formulations on anxiety and mental health conditions.
The company announced the closing of a $9.7 million Series A-1 financing, the proceeds of which will be used to advance its proprietary dry powder inhaled cannabidiol products (RLS103) through proof-of-concept clinical safety and efficacy studies.
RLS103, is a first-in-class drug/device combination product for the acute treatment of psychiatric and neurological disorders.
The US Food and Drug Administration has accepted the Investigational New Drug application for RLS103 and the first study startup is said to be underway.
Panic disorder affects about 5.4 million adults in the United States, according to the National Institute of Mental Health. Meanwhile, Social Anxiety Disorder (SAD) affects around 15 million adults and is the second-most commonly diagnosed anxiety disorder.
Mark Theeuwes, president and CEO, Receptor Life Sciences, commented: “The advancement of our lead drug candidate, RLS103, into the clinical phase is a significant milestone for the company, and we appreciate that our investors continue to recognise and support our efforts.
“This financing provides the opportunity for RLS103 to potentially address multiple psychiatric and neurological disorder indications with significant unmet medical need with safe and effective therapies.”
Warren Lammert, founder and co-chief investment officer of Granite Point Capital which led the financing, added: “We are excited to partner with the management team to accelerate the clinical development of RLS103. We recognise its potential to be the first-in-class treatment for acute anxiety disorders.”