Biopharmaceutical company Cingulate Inc. has been awarded a $3 million grant from a private foundation to accelerate the development of its once-daily anxiety treatment, CTx-2103 (buspirone). The funding aims to support progress on what could become the first extended-release formulation of one of the most commonly prescribed medications for anxiety.
The grant will be distributed in three installments of $1 million. The first payment is scheduled for May 1, with the remaining tranches tied to key development milestones. As part of the agreement, the foundation will receive a contingent royalty beginning six months after the drug’s first commercial sale—$500,000 per quarter, capped at a total of $3.5 million.
CTx-2103 utilizes Cingulate’s proprietary Precision Timed Release (PTR) platform, which is designed to deliver medication more effectively and conveniently. If successful, the treatment could reshape the U.S. anxiety drug market, which is currently valued at $5.5 billion and $11.6 billion globally.
“This grant was made by a private foundation whose foremost interest is combating the global rise of critical health issues such as anxiety in a consequential way,” said Shane J. Schaffer, Chairman and CEO of Cingulate. “We are now one step closer to providing the first, once-daily medicine for the millions of patients worldwide who suffer from anxiety-related disorders.”
Anxiety disorders are the most prevalent mental health condition in the U.S., affecting approximately 31% of adults at some point in their lives, according to the National Institute of Mental Health. Many individuals experience symptoms for years before seeking diagnosis or treatment.
CTx-2103 is part of Cingulate’s broader effort to develop next-generation therapies using its PTR technology, aimed at improving patient outcomes through more precise drug delivery.