Jennerex Closes $5 Million First Tranche of Series C Financing
SAN FRANCISCO, Aug. 11 /PRNewswire/ –Jennerex, Inc. (San Francisco, CA and Ottawa, Ontario), a clinical stage biopharmaceutical company developing a proprietary breakthrough class of targeted oncolytic virus therapeutics, today announced the first closing of a private placement financing with gross proceeds of US $5,123,521, exceeding the target of $5 million USD. A second closing is anticipated on or before September 15, 2009, with additional proceeds to be determined.
The net proceeds of the private placement will be used to continue advancing the Company’s clinical development programs with the lead product JX-594. Key value creating trials include the following: initiation of a randomized Phase 3 liver cancer trial, completion of a Phase 2 colon cancer trial and a Phase 1 trial targeting lung cancer and other solid tumors. Proceeds will also be used for research and development, general corporate purposes and to augment working capital.
“We are again delighted by the enthusiastic support of existing shareholders, and also welcome several new shareholders to the Company,” said David H. Kirn, M.D., President and CEO. “This funding, together with cash resources on hand, is expected to cover operations for the next 16 months, through the end of 2010, and specifically to fund the company through significant value inflection points, including completion of the above-mentioned Phase 1 and Phase 2 clinical trials,” said Dr. Kirn.
Jennerex is a clinical-stage biopharmaceutical company focused on the development and commercialization of first-in-class, breakthrough targeted oncolytic products for cancer. The Company’s lead product JX-594, currently in an international Phase 2 trial for primary liver cancer, demonstrated promising Phase 1 efficacy and safety results in patients with a diverse array of common large market cancers. Jennerex’s products target, attack and eradicate cancers through a novel and potent oncolytic mechanism that is dependent on highly-specific replication of the Company’s poxviruses in cancer cells. These products simultaneously stimulate the body’s immune response to the cancer. Of note, this mechanism of action and the results in patients to date put the Company’s product class in a leadership position. Jennerex Biotherapeutics was established in San Francisco and in Ottawa in 2006 with Dr. David Kirn (CEO) in San Francisco and Dr. John Bell (CSO) from the Ottawa Hospital Research Institute/University of Ottawa. For more information about Jennerex and the Company’s robust pipeline of three clinical-stage products, please visit www.jennerex.com .
SOURCE Jennerex, Inc.