CODA is developing a gene therapy approach by deploying a chemogenetic strategy for treating neurological disorders such as epilepsy and neuropathic pain. CODA's treatment aims to modulate specific neuronal circuits via adeno-associated virus-mediated delivery of an engineered, inhibitory receptor by standard-of-care neurosurgical procedures.

The receptor is designed to be quiescent in the transduced cells but will inhibit neurons when exposed to a novel, orally bioavailable small molecule agonist, the company said. CODA added that it expects this treatment will produce substantially improved and durable results while potentially avoiding off-target/adverse effects compared to current treatments.

The financing round was led by non-opioid pain management company Pacira Biosciences together with CODA's existing investors, MPM Capital and Versant Ventures, and a new venture debt round with Silicon Valley Bank. As part of the financing, David Stack, chairman and CEO of Pacira Biosciences, will join CODA's board of directors.