CoLucid Pharmaceuticals, which is developing drugs to combat central nervous systems disorders, has closed on $7.5 million in new funding.

The funds came in the form of debt and warrants. The company is seeking to raise an additional $2 million.

CoLucid, which has raised more than $41 million in venture funding since its launch in 2005, disclosed a $2 million round of funding in February. The first tranche of the latest round was disclosed in June.

Funders of the new round are Pappas Ventures, Domain Associates, Care Capital, Pearl Street Venture Funds and Triathlon Medical Ventures.

Pappas Ventures, which is based in the Triangle, launched the company in 2005.

Care Capital led a $25 million B round in 2008 as a new investor. Also participating were Domain Associates, Pearl Street Venture Funds and Triathlon Medical Ventures.

CoLucid is developing a migraine compound called COL-144 or lasmiditan. CoLucid is also pursuing developing of potential drugs to treat neurological and psychiatric disorders.

CoLucid touts its compound as a “first-in-class neurally acting anti-migraine agent” that avoids side effects of blood vessel constriction associated with other migraine therapies based on triptans. CoLucid relies on ditans, a chemical class that the firm says directly penetrates the central nervous system.

“This financing provides important working capital for CoLucid to further advance lasmiditan into Phase 3 development,” said Thomas Mathers, who recently joined the company as chief executive officer.

“We are embarking on additional clinical studies to further differentiate lasmiditan’s safety profile from the triptan class of anti-migraine agents, as well as discussing with the FDA our final Phase 3 plans,” he added.

CoLucid hopes to launch the Phase 3 trials next year.

The Company is speaking with potential partners and is interacting with the FDA, and plans to advance lasmiditan into pivotal studies in 2012.

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