Biotech startup launched with $60 million 10 months ago – now it’s gone

RESEARCH TRIANGLE PARK – Last December a biotechnology startup – set to be housed in Research Triangle Park – launched with $60 million in funding and the aim of finding an effective therapy for treatment-resistant depression and other debilitating neuropsychiatric disorders.

Now, it’s gone.

Lusaris Therapeutics announced plans to set up shop in RTP to work on its lead program – LSR-1019 – a proprietary, naturally derived and fast-acting serotonergic psychedelic compound. The company’s pipeline also includes two additional early stage drug candidates for migraine and cluster headache and other neuropsychiatric and neurological disorders.

Lusaris’ early funding comes from a Series A round of financing led by RA Capital Management, which also formed and incubated the business.

Then came Monday’s news.

In an email to Triangle Business Journal, Andrew Levine, partner and managing director at RA Capital, said the business was closed down after phase 1 data for its lead program didn’t pan out as the company had hoped.