Coronado Biosciences Closes $25.8M in Series C Financing
NEW YORK, July 6, 2011 /PRNewswire/ — Coronado Biosciences, a biopharmaceutical company focused on novel immunotherapy agents for inflammatory diseases and cancer, today announced that it closed a $25.8 million Series C financing led by National Securities Corporation.
Coronado plans to use the proceeds from the financing to advance its pipeline, including funding a Phase II study of the company’s lead development candidate, CNDO-201 for the treatment of Crohn’s Disease and a Phase I/II study of CNDO-109 for the treatment of relapsed Acute Myeloid Leukemia (AML). Each of these drugs is a novel therapy that has achieved clinical proof-of-concept in indications with unmet medical needs. CNDO-201 is also in development for other autoimmune diseases, including ulcerative colitis and multiple sclerosis.
CNDO-201 (Trichuris suis ova) is a novel, orally administered, natural immunomodulator that regulates T-Cells and inflammatory cytokines. The use of porcine whipworm ova represents a novel approach and mechanism of action to treating autoimmune diseases that is based on the “hygiene hypothesis.” CNDO-201 has demonstrated meaningful clinical activity and a good safety profile in a three independent investigator sponsored clinical trials. A Company sponsored Phase II double-blind, placebo controlled trial of CNDO-201 for the treatment of Crohn’s Disease is scheduled for initiation in early 2012.
CNDO-109 is a novel anti-cancer drug that primes natural killer (NK) cells without the need for cytokine (IL-2) treatment and shows significant potential for the treatment of hematological and solid tumors. CNDO-109 has produced impressive results in a Phase I clinical trial in patients with AML and demonstrated preclinical activity in multiple myeloma, breast cancer, prostate cancer and ovarian cancer. Coronado plans to initiate a Phase I/II dose escalation and expansion trial in patients with relapsed AML in 2012.
About Coronado Biosciences
Coronado BioSciences is a biopharmaceutical company focused on novel immunotherapy agents for inflammatory diseases and cancer that target major unmet clinical needs in autoimmune disease and cancer. Founded in 2006, Coronado is based in New York, NY. For more information, please visit www.coronadobiosciences.com.
Marcy Nanus, Vice President
The Trout Group, LLC.
Dennis S. Dobson Jr., CEO
Dobson Media Group
SOURCE Coronado Biosciences