Clinical Trial Programs Funded Through 2009
SAN FRANCISCO, Sept. 9 /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 closing of a financing transaction with gross proceeds of $8.3 million USD, exceeding the target of $8 million USD. The offering was completed without the services of an agent.
The net proceeds of the private placement will be used to advance the Company's clinical development programs, including lead product JX-594, which is currently being evaluated in a randomized Phase II clinical trial for liver cancer. This is one of three clinical trials currently under way, which also include a Phase II trial for colon cancer and a Phase I trial targeting lung cancer and other solid tumors. Proceeds from the financing will also be used for research and development, general corporate purposes and to augment working capital.
"We are extremely pleased by the enthusiastic support of existing shareholders, and we welcome several new shareholders to the Company," said David H. Kirn, M.D., President and CEO of Jennerex. "This funding is expected to cover operations for the next 18 months, through the end of 2009, and specifically to fund the company through significant value inflection points, including completion of the above-mentioned clinical trials," said Dr. Kirn.
Jennerex also announces the appointment of Calvin Stiller, CM, O. ONT,
MD, F.R.C.P. (C) to the Company's Board of Directors. Dr. Stiller is
Chairman of the board and Chief Executive Officer of Stilco Corporation and
BioQuest Innovations Inc. Dr. Stiller has also served as a director of NPS
Pharmaceuticals Inc. since December 1999; and had served on the board of
Allelix since April 1999 until its acquisition by NPS. From 1996 to 2005,
Dr. Stiller served as Chairman and Chief Executive Offi
|SOURCE Jennerex, Inc.|
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