Hypnion

About Hypnion

Hypnion, Inc. operated as a neuroscience drug discovery and development company with a specific focus on creating new treatments for sleep disorders. The company was established in 2000 by a group of distinguished scientists in the fields of sleep research and circadian rhythms, including Michael Rosbash and Joseph S. Takahashi. Both founders are renowned neurobiologists with extensive expertise in circadian rhythms, sleep-wake disorders, and functional genomics. Their collective scientific contributions formed the foundational basis for Hypnion's research and development endeavors.

The company's core business revolved around the discovery and development of novel pharmaceuticals to address the substantial market for sleep-wake disorders and circadian rhythm abnormalities. Hypnion's primary asset was its proprietary in-vivo sleep-wake bioassay system, SCORE-2000™ (later referred to as SCORE-2004™). This platform was designed to facilitate high-throughput pre-clinical testing of non-addictive sleep disorder drug candidates and was predictive of human responses. The company's business model focused on advancing its proprietary compounds through clinical trials to demonstrate their efficacy and safety. One of its key drug candidates was HY10275, a dual-acting H1/5HT2a compound that showed promise in Phase II clinical trials for treating transient insomnia.

Throughout its operation, Hypnion successfully raised significant capital to fund its research. The company secured a $10.4 million Series A round in September 2000, followed by a substantial $47.5 million Series B round on March 17, 2003, and an additional $20.1 million in an extended Series B round on December 19, 2005, bringing its total funding to $67.6 million. A pivotal moment in the company's history occurred on March 5, 2007, when it announced a definitive merger agreement with Eli Lilly and Company. The acquisition, valued at $315 million, was completed near the end of the first quarter of 2007.