Neurosterix pulls in $105M for schizophrenia drug, taps Cobenfy vets

Swiss biotech Neurosterix, a spinout from Addex Therapeutics, has closed a $105 million Series B financing round to fund a Phase 2 clinical trial for its schizophrenia drug candidate. The company's lead program targets muscarinic receptors, a mechanism validated by Karuna Therapeutics' Cobenfy (xanomeline-trospium), which received FDA approval in 2024 for schizophrenia. Neurosterix aims to differentiate its approach by fine-tuning brain signaling through allosteric modulation, potentially offering improved tolerability compared to existing therapies.

Coverage emphasizes the strategic recruitment of executives with direct experience developing Cobenfy at Karuna Therapeutics. Business Wire and BioSpace both highlight the appointment of leading neuropsychiatry drug development veterans to Neurosterix's leadership team, though specific names and titles vary across reports. Fierce Biotech notes the financing will specifically fund a Phase 2 trial, while Endpoints News frames the raise as positioning Neurosterix as a next-generation player in the muscarinic agonist space. Dealroom and Startupticker.ch provide additional context on the company's origins as an Addex spinout focused on allosteric modulators for neuropsychiatric disorders.

The financing arrives at a pivotal moment for schizophrenia drug development. Since Cobenfy's approval, investor interest in muscarinic-targeted therapies has surged, with multiple companies pursuing differentiated mechanisms within the same receptor family. Addex Therapeutics, Neurosterix's parent, has a long history in allosteric modulation of G protein-coupled receptors, particularly mGluR and muscarinic targets. The spinout structure allows focused capital allocation on the schizophrenia program while leveraging Addex's platform technology.

Key developments to watch include the initiation timeline and design of the Phase 2 trial, which coverage indicates will be the primary use of proceeds. The specific patient population, dosing regimen, and primary endpoints have not been disclosed in current reporting. Additionally, the full leadership team composition and the exact roles of the recruited Karuna veterans remain to be detailed in formal SEC or Swiss regulatory filings. Competitive dynamics in the muscarinic space are intensifying, with several other clinical-stage programs targeting schizophrenia and adjacent indications. Neurosterix's ability to demonstrate differentiation on tolerability, cognitive endpoints, or negative symptoms will be critical as the field advances beyond the first-in-class approval.