For more than a decade, psychiatry has been a graveyard for new medicines. While in the 1990s and 2000s the pharmaceutical industry became rich off of the profits from big-name drugs like Prozac and Abilify, in recent years many firms have exited the neuroscience business entirely. Recent attempts to re-enter it have been underwhelming.
On Thursday, ARCH Venture Partners, one of the biotechnology industry’s top venture capital firms, revealed new details about a company it has started to try to re-ignite the development of medicines for diseases such as depression, schizophrenia, and Alzheimer’s. Neumora, a roll-up of assets from several biotech firms and from the drug giant Amgen, is backed with $500 million in funding from ARCH and at least 12 other investors.
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