Neuraly closes $18M Series B extension ahead of NAL-101 Phase 2 depression data
Summary
Maryland-based Neuraly secured an $18M Series B extension from AbbVie Ventures and Eli Lilly ahead of their anticipated Phase 2 readout for NAL-101 in major depression. The extension, structured with a data-triggered milestone payment, provides bridge capital while explicitly preserving Neuraly's optionality to raise a larger Series C or engage in partnership discussions following Phase 2 data.
Why it matters
Data-triggered milestone financing is sophisticated capital structure design — Neuraly preserves flexibility while obtaining bridge capital without fully diluting at the current pre-data valuation. AbbVie and Lilly maintaining their investment signals confidence in the mechanism and the data signal they have seen from interim safety monitoring.
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