NeuShen raises over $80m for three brain drugs already in trials

NeuShen Therapeutics, which operates across Shanghai and Boston, closed an oversubscribed Series B of more than $80m on 4 September 2026. The money is to move three central nervous system candidates, all already in the clinic, into global multi-centre studies.

The three are distinct mechanisms rather than variations on one bet. NS-136, laviclidine, is an M4 muscarinic receptor positive allosteric modulator in Phase II for schizophrenia and for agitation in Alzheimer’s disease. NS-041, zolankalner, activates KCNQ2/3 potassium channels and is in Phase II for focal onset seizures, with a major depressive disorder study in preparation. NS-079 is a non-hallucinogenic partial agonist at the 5-HT2A receptor, in Phase I for treatment-resistant depression.

The last of those is the one to watch. Psychedelic-derived compounds have run into the same practical wall repeatedly — the therapy requires supervised dosing sessions because of the trip. A 5-HT2A agonist that keeps the mechanism and drops the hallucination would change what the treatment costs to deliver, if it works.

Investors named include B Capital, Legend Capital, Matrix Partners China, ZhenFund, Shanghai State-owned Capital Investment and the returning Lilly Asia Ventures. The lead investor was not disclosed.