Chase, after selling last biotech to Allergan, gets cash to start pivotal trials in depression, Parkinson's

Chase Therapeutics is heading into pivotal trials. Armed with $20 million, the biotech plans to start phase 3 clinical trials of candidates based on an old Boehringer Ingelheim drug in major depressive disorder (MDD) and Parkinson’s disease.

The milestone-based series B round will support work on CTC-501 and CTC-413. In ClinicalTrials.gov filings, Chase lists CTC-501 and CTC-413 as, respectively, immediate- and extended-release forms of pramipexole. The active ingredient was discovered by Boehringer Ingelheim, which partnered with Pharmacia, now Pfizer, and brought immediate- and extended-release formulations to market under the brand-name Mirapex for the treatment of symptoms of Parkinson’s.