Diffusion Pharmaceuticals LLC, a Charlottesville, Virginia-based clinical-stage drug-development company commercializing a family of candidates to treat serious or life-threatening medical conditions, completed a $5.9m additional financing.
The financing, which was raised during the second half of 2009, was a combination of private equity and convertible notes to existing investors.
The new capital will support the company’s ongoing operations, including completion of a Phase I/II clinical trial in peripheral arterial disease (PAD) patients for its lead drug compound, trans sodium crocetinate (TSC).
Commenting on the funding, David G. Kalergis, CEO at Diffusion Pharmaceuticals, was quoted to say: “The successful financing in 2009 gives us the ability to complete our ongoing clinical trial in PAD and position the company for critical post proof-of-concept activities”.
Since its founding, the company has raised a total of $21.7m to date including $19.1m in private funds, and $2.6m in Department of Defense research and development contracts.