Naurex Completes $38 Million Series B Financing

               Naurex Completes $38 Million Series B Financing

—Follows Phase Il Results Showing a Single Dose of Novel NMDA Receptor
Modulator GLYX-13 Significantly Reduced Depression Scores Within 24 Hours and
Demonstrated Promising Antidepressant Efficacy in Subjects Who Had Failed
Other Therapies—

—Proceeds Will Fund GLYX-13 Phase Ilb Repeated Dose Trial, Phase I and II
Trials with Second-Generation Oral Agent NRX-1074 and Additional Research—

PR Newswire

EVANSTON, Ill., Dec. 17, 2012

EVANSTON, Ill., Dec.17, 2012 /PRNewswire/ --Naurex Inc., a clinical-stage
company developing innovative treatments to address unmet needs in psychiatry
and neurology, today announced the completion of a $38 million Series B
financing led by new investor Baxter Ventures. Baxter Ventures is an
investment initiative established by Baxter International in 2011 to invest up
to US $200 million in promising companies.New investor Savitr Capital also
participated in the financing, along with existing investors Adams Street
Partners, Latterell Venture Partners, Genesys Capital, PathoCapital, Druid
Bioventures, Northwestern University and other private investors, as well as
corporate investors Lundbeck, Takeda Ventures and Shire. Naurex will use the
proceeds from the Series B financing to fund a number of key programs from its
NMDA receptor modulator platform, including conducting a Phase Ilb trial of
GLYX-13, the company's lead NMDA receptor modulator in development for the
treatment of depression, advancing its second-generation compound NRX-1074
into Phase I and Il clinical trials in depression and further developing its
second- and third-generation programs for other CNS disorders.

"The recent announcement of our GLYX-13 Phase II results is a watershed event
for Naurex, strongly supporting our belief that our novel NMDA receptor
modulators have breakthrough potential in the treatment of depression and
possibly other CNS disorders," noted Bill Gantz, executive chairman of
Naurex. "We are delighted that Baxter Ventures, which has deep experience
with IV therapeutics, is leading this financing, and we are especially pleased
that an individual with the broad perspective and industry stature of Norbert
Riedel will be representing Baxter on our Board of Directors."

"Naurex's novel NMDA receptor modulators embody the high level of innovation
we seek to support at Baxter Ventures," said Dr. Riedel, corporate vice
president and chief science and innovation officer of Baxter International.
"Depression and other CNS disorders represent areas of high unmet need, and we
are optimistic that Naurex's novel approach has the potential to provide
valuable new therapeutic options to physicians and their patients."

Naurex's lead compound GLYX-13 is a partial agonist of the NMDA receptor. On
December 6, 2012, Naurex reported the results of a Phase IIa trial of GLYX-13
in patients who had failed antidepressant therapy. They showed that a single
intravenous administration of GLYX-13 produced significant reductions in
depression scores that were evident within 24 hours and persisted for an
average of seven days. After a single administration of GLYX-13,
antidepressant efficacy as measured by effect size was nearly double that seen
with other antidepressant drugs after weeks of dosing. GLYX-13 was well
tolerated, and there were no signs of the schizophrenia-like side effects
associated with other NMDA receptor modulators such as ketamine.

"The strong Phase II results from our lead compound GLYX-13 laid the
foundation for the Series B financing," said Derek A. Small, chief executive
officer of Naurex. "We believe that GLYX-13 has the potential to address the
major failings of current antidepressants and to do so without serious side
effects. We are pleased that Baxter Ventures is leading this financing, and
we also welcome new investor Savitr Capital. In addition, we appreciate the
continuing support of our existing investors."

In conjunction with the Series B financing, Dr. Norbert Reidel of Baxter
International and Dr. Ian Ferrier, managing partner at Scotia-Nordic  and
advisor to Savitr Capital, will join the Naurex Board of Directors.

Naurex intends to start Phase I clinical trials for its second-generation oral
product NRX-1074 in early 2013. NRX-1074 is an orally bioavailable molecule
that will be developed as a therapy for major depressive disorder. It is
based on the same platform as GLYX-13, and in preclinical studies has shown
similar signs of ketamine-like efficacy without apparent safety issues.

Naurex's CNS programs are based on the work of company founder Dr. Joseph R.
Moskal and his colleagues at the Falk Center for Molecular Therapeutics at
Northwestern University.

About Naurex

Naurex Inc. is a clinical-stage private company developing novel therapies to
address unmet needs in psychiatry and neurology based on a new mechanism of
action for modulating the NMDA receptor in a safe way. Naurex's lead product
GLYX-13 has shown promising antidepressant activity with excellent safety in a
Phase II trial, confirming the efficacy signals and safety observed in Phase I
and preclinical studies. In the Phase II trial in subjects who had failed
treatment with one or more antidepressant agents, a single administration of
GLYX-13 produced statistically significant reductions in depression scores
within 24 hours, which persisted for an average of seven days. Naurex's
second-generation programs include a number of molecules with preclinical
proof of concept. The company's patented novel chemistry classes represent a
platform for the development of new therapies for a variety of CNS disorders.
For more information, visit

About Baxter Ventures

Baxter Ventures identifies companies with promising, early-stage technologies,
products and/or therapies, and provides them with the capital and expertise
needed to drive successful innovation. Baxter Ventures was created in 2011 by
Baxter International Inc., which has an 80-year legacy of healthcare
innovation and saving and sustaining lives worldwide. Baxter Ventures invests
in companies with innovative technologies, products and therapies with the
ability to improve patient care globally and maximize value for investors and
entrepreneurs. For more information, visit

About Savitr Capital

Savitr Capital, LLC is an Investment Manager focusing on investing in
renewable and clean energy and innovative healthcare companies. Savitr has a
socially responsible approach to investments with a goal of providing superior
risk-adjusted returns. These financial goals are coupled with a commitment to
sustainability and responsible stewardship by investing in companies poised
for leadership. Savitr is a signatory to the United Nations Principles for
Responsible Investing. For information, contact the company at

About Adams Street Partners

Adams Street Partners, LLC is a leading private equity investment firm,
providing primary and secondary partnership and direct investment management
services to institutional clients. Adams Street Partners is one of the largest
managers of private equity investments in the world and has one of the longest
histories. Together with its predecessor organizations, Adams Street Partners
has been investing in private equity partnerships since 1979 and managing
direct investments in private equity since 1972. Adams Street Partners has
offices in Chicago, London, Menlo Park and Singapore. For more information,

About Latterell Venture Partners

Latterell Venture Partners invests in early stage healthcare companies with
innovative technologies, large market opportunities, and passionate
entrepreneurs. It offers a unique blend of venture capital, entrepreneurial,
technical, clinical and collaborative skills that enable the firm to help
entrepreneurs create highly successful new startups. LVP is committed to
building a portfolio of outstanding biotechnology and medical device companies
that produce excellent returns for its limited partners while providing major
new disease treatments to help patients worldwide. For more information, visit

About Genesys Capital

Genesys Capital is focused on building companies in the high-growth sectors of
healthcare and biotechnology. Through its expertise and industry network,
Genesys accelerates the development of commercially viable emerging companies
that represent promising biotechnology investment opportunities. Genesys is
one of the largest Canadian-based venture capital firms exclusively focused on
the life sciences industry. For more information, visit

About PathoCapital

PathoCapital LLC, is a privately owned investment company that invests in
healthcare companies.

About Druid BioVentures

Druid BioVentures, LLCcreates and invests in novel drugcandidates with a
focus onvirtual companies managed by highly experienced drug development

About Lundbeck
H. Lundbeck A/S (LUN.CO, LUNDC, HLUKY) is an international pharmaceutical
company highly committed to improving the quality of life for people suffering
from brain disorders. For this purpose, Lundbeck is engaged in the research,
development, production, marketing and sale of pharmaceuticals across the
world. The company's products are targeted at disorders such as depression and
anxiety, schizophrenia, insomnia, epilepsy and Huntington's, Alzheimer's and
Parkinson's diseases. Lundbeck is one of the world's leading pharmaceutical
companies working with CNS disorders. For more information, visit

About Shire

Shire enables people with life-altering conditions to lead better lives.
Through our deep understanding of patients' needs, we develop and provide
healthcare in the areas of: Behavioral Health and Gastro Intestinal
conditions, Rare Diseases, Regenerative Medicine as well as other symptomatic
conditions treated by specialist physicians. We aspire to imagine and lead the
future of healthcare, creating value for patients, physicians, policymakers,
payors and our shareholders. For further information on Shire, please visit
the Company's website:

About Takeda Ventures

Takeda Ventures, Inc. (TVI) is the corporate venture arm of Takeda
Pharmaceutical Company Limited, a world-class pharmaceutical company and the
largest in Japan. TVI is a wholly owned subsidiary of Takeda America Holdings,
Inc. It seeks strategic opportunities to complement and extend internal
discovery capabilities, but will additionally explore potentially new business
avenues for Takeda through external strategic venture activities. Our aim is
to encourage and support therapeutic innovation in the biopharmaceutical
sector, as well as academic centers of excellence, through early stage capital
investment and provision of access to the resources of a multinational
pharmaceutical company. For more information, visit

Corporate                             Media
Naurex Inc.                            BLL Partners, LLC
Ashish Khanna                         Barbara Lindheim
Vice President, Corporate Development 212 584-2276         

SOURCE Naurex Inc.

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