Arno Therapeutics, Inc., a Parsippany, NJ-based clinical-stage biopharmaceutical company focused on developing oncology therapeutics, has closed an over $15m private financing.
The round was led by UTA Capital, LLC, and Pontifax Funds, with participation from new and existing investors.
Commenting on the funding, Arie Belldegrun, M.D., FCAS, Chairman of Arno, said: “We believe these funds will provide us with sufficient capital to complete our on-going clinical trials and generate meaningful clinical data.”
The proceeds of the financing will be used to advance Arno’s three clinical stage compounds:
– AR-12, a potentially orally available PDK1 inhibitor that blocks the PI3K/Akt pathway and may also cause cell death through the induction of endoplasmic reticulum stress. AR-12 is currently being studied in a multi-centered Phase I clinical trial in adult patients with advanced or recurrent solid tumors or lymphoma.
– AR-67, a novel camptothecin analogue that inhibits Topoisomerase I activity. It is currently enrolling patients in Phase II clinical studies in glioblastoma multiforme (GBM) and myelodysplastic syndrome (MDS).
– AR-42, an orally available, broad spectrum inhibitor of both histone and non-histone deacetylation proteins. AR-42 is currently being studied in an investigator sponsored Phase I/IIa clinical study in adult patients with relapsed or refractory multiple myeloma (MM), chronic lymphocytic leukemia (CLL) or lymphoma.
Arno sold units consisting of an aggregate of approximately 15.1m shares of Series A Convertible Preferred Stock and warrants to purchase up approximately 7.6m additional shares of the Preferred Stock.