HMNC raises $50M in Series B to revolutionize depression treatment with KET01

HMNC has secured a first closing of its $50 million Series B funding round, led by MEDICE. The biotech company focuses on developing treatments for psychiatric disorders, with a particular emphasis on personalised approaches using biomarkers and genetic testing. The company’s journey with KET01, a ketamine-based candidate for depression, has been lengthy. Initial clinical data was expected in 2022 but was delayed until 2023. While the treatment demonstrated rapid improvements in depressive symptoms and fewer dissociative side effects than traditional ketamine, it did not meet its primary endpoint after 21 days compared to a placebo.

MEDICE has now acquired European commercialisation rights for KET01, also known as Ketabon. Funds from the Series B round will support preparations for Phase III trials of KET01 and further development of Nelivabon, a vasopressin V1b receptor antagonist. Nelivabon is being developed for genetically defined subgroups of patients with depression.

HMNC’s concept gained early attention thanks to Florian Holsboer, a well-known German psychiatrist and neuroscientist. Entrepreneur Carsten Maschmeyer provided early financial backing, and in 2022, German football star Toni Kroos also joined a financing round. Maschmeyer has continued to support the company throughout its development. The Series B funding will enable HMNC to advance its lead programmes into the next stages of clinical testing. MEDICE’s involvement ensures commercial readiness for KET01 in Europe. The company remains focused on tailoring psychiatric treatments to individual patient profiles through genetic and biomarker analysis.