Tigris Pharmaceuticals, Inc., a Bonita Springs, Fla-based drug development company, has completed a private placement of Series C Convertible Preferred Stock resulting in gross proceeds of approximately $6.5m.
The financing was led by Mr. Neil Flanzraich, with participation from existing investors Wexford Spectrum Investors, LLC, Sonostar Capital Partners, LLC and other institutional and individual investors.
Tigris intends to use the funds to advance the development of its clinical product pipeline, including its lead compound, Aminoflavone pro-drug (AFP-464), a novel anticancer agent.
The company expects to initiate a multi-site phase II breast cancer study in 2010.
A multi-center, Phase I, ascending dose clinical study has been completed in Europe at Institut Gustave-Roussy, Villejuif, France and Jules Bordet Institute, Brussels, Belgium.
According to the company, AFP-464 has shown growth inhibitory activity in the tumor cell line screening, with breast, ovarian, lung and renal tumor cell lines exhibiting particular sensitivity to the compound. In vivo antitumor activity of AFP-464 has been demonstrated in several Xenograft models in mice bearing breast and renal cancer.
Additionally, Tigris is currently conducting a multi-center Phase I dose escalation trial for GGTI-2418 at Abramson Cancer Center at the University of Pennsylvania and Indiana University Melvin and Bren Simon Cancer Center.
GGTI-2418 is a synthetic peptidomimetic inhibitor of geranylgeranyltransferase I (GGTase I) that appears to induce apoptosis by down-regulating several pivotal oncogenic and tumor survival pathways.