Cadent Therapeutics — a Cambridge, Mass.-based startup with a complicated history — announced Thursday that it has raised about $40 million for its neuroscience programs in a series B round backed by Atlas Venture, Cowen Healthcare Investments, and Novartis Institutes for BioMedical Research, among others.
Among biotech startups, Cadent is bucking a trend. Lately, entrepreneurs have gravitated toward working on platforms instead of individual potential drugs. In theory, that strategy lessens some of the risk inherent in early-stage biotechs. If a company is based around one particular drug and that drug fails, that could blow up a company’s entire future.
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