Jennerex Completes Fully Subscribed Private Placement for Aggregate Gross Proceeds of $8.6 Million
SAN FRANCISCO, Aug. 19 /PRNewswire/ -- Jennerex, Inc., a clinical-stage biotherapeutics company focused on the development and commercialization of first-in-class, breakthrough targeted oncolytic products for cancer, today announced the closing of a fully subscribed private placement financing with aggregate gross proceeds of approximately $8.6 million.
Proceeds from this transaction will be used to advance the Company's oncology product platform, led by JX-594, a novel oncolytic agent that has demonstrated promising antitumor activity in Phase 1 and Phase 2 clinical trials.
"This important round of financing provides us with funds necessary to continue to advance our pipeline of promising oncology products through clinical development and to achieve a number of corporate and clinical milestones. This includes the completion of the ongoing JX-594 Phase 2 clinical trials currently underway for patients with liver cancer and colorectal cancer," said David H. Kirn, M.D., president and chief executive officer of Jennerex. "We appreciate the support from many of our existing stockholders as well as a number of new important investors who chose to participate in this successful financing."
Jennerex, Inc. is a clinical-stage biotherapeutics company focused on the development and commercialization of first-in-class, breakthrough targeted oncolytic products for cancer. The Company's lead product JX-594 is currently in two mid-stage clinical trials in patients with primary liver cancer—an international, randomized, Phase 2 dose-response clinical trial, and a Phase 2 study in combination with sorafenib. Prior, published studies designed to establish dose levels and the safety profile of JX-594 have shown its ability to selectively target a variety of common cancer tumor types. JX-594 and other product candidates under development are designed to attack cancer tumors through three diverse mechanisms of action: the lysis of cancer cells through viral replication, the reduction of the blood supply to tumors through vascular targeting and destruction and the stimulation of the body's immune response against cancer cells. Jennerex is headquartered in San Francisco and has research and development operations in Ottawa, Canada and Pusan, South Korea. For more information about Jennerex, please visit www.jennerex.com.
SOURCE Jennerex, Inc.