Cerecor is a clinical-stage biopharmaceutical company that is developing drugs to treat neurological and psychiatric disorders including major depressive disorder (MDD) and adjunctive treatment for substance use disorders associated with MDD. CERC key development product candidates are CERC-301, CERC-501 and CERC-406. CERC-301 is currently in Phase 2 development as an oral, adjunctive treatment of patients with MDD who are failing to achieve an adequate response to their current antidepressant treatment and are severely depressed. CERC-501 is expected to start Phase 1b/2a development in 1Q16 for smoking cessation. CERC-501 was acquired in February 2015, and is a potent and selective kappa opioid receptor (KOR), antagonist. KORs are believed to play key roles in modulating stress, mood and addictive behaviors, which form the basis of co-occurring disorders. CERC may develop CERC-501 in a Phase 2 clinical study in inadequately treated subjects with MDD currently on antidepressants, with a potential start date of 2H16. CERC-406 is currently in pre-clinical development. It inhibits catechol-O-methyltransferase (COMT) within the brain. CERC-406 is expected to be developed for the treatment of residual cognitive impairment symptoms in patients with MDD.