Jennerex, a clinical stage biopharmaceutical company developing oncolytic virus therapeutics, announced the second and final closing of a private placement financing with aggregate gross proceeds of $5,611,475, exceeding the target of $5m.
The funds will be used to continue advancing the clinical development programs with the it JX-594. For the next 12 months, the plan includes the completion of a randomized Phase II trial in liver cancer, followed by initiation of a pivotal Phase III trial. Jennerex is also planning to complete a Phase I trial in solid cancers (including lung and colorectal), followed by initiation of a Phase II colorectal cancer trial.
Proceeds will also be used for manufacturing, general corporate purposes and to increase working capital.
David H. Kirn, M.D., President and CEO of the company, welcomed the Ottawa Regional Cancer Foundation as a new investor.
Jennerex Biotherapeutics is headquartered in San Francisco and has manufacturing, research and development activities based at the OHRI in Ottawa, Canada.