DURHAM–Dynogen Pharmaceuticals, which has its laboratory facility in Durham, says it has raised a $50 million second round.

New investor Schroder Ventures Life Sciences led the financing. Four existing investors, including Raleigh-based A.M. Pappas & Associates, Abingworth Managment Limited, Atlas Venture, and Medica Venture, also participated in the round. Dynogen has raised a total of $63 million since its founding in March 2002.

The company is based in Boston, but 13 of its 27 employees are located in its 10,000 square foot Durham research facility which may be expanded following the financing. It is developing drugs that attack disorders such as overactive bladder and irritable bowel syndromes –a $1 billion market– by working on their neurological causes.

“Dynogen has demonstrated its ability to rapidly develop a pipeline of neurological compounds,” said Kate Bigham, general partner of Schroder in a statement. “In just two years, Dynogen has built a pipeline of two clinical-stage compounds, identified a rich set of additional development opportunities, and entered into a significant research collaboration.”

The company has completed Phase I trials of its lead candidate, DDP200, a treatment for overactive bladder, and expects to begin a Phase IIa trial the second half of this year.

Dynogen says its technology significantly cuts the time it takes to find neurological compounds with drug potential.