Diffusion Pharmaceuticals LLC, a Charlottesville, VA-based biotechnology company developing innovative cancer treatments, has closed a $5m financing.
The financing consists of convertible notes issued primarily to existing investors.
The company intends to use the proceeds to fund the ongoing Phase 2 clinical trial for its lead drug, trans sodium crocetinate (TSC), which is evaluating the effect on patient safety and survival when TSC is added to the standard-of-care for GBM (i.e., radiation and chemotherapy).
Led by David G. Kalergis, CEO, Diffusion Pharmaceuticals develops drugs which target unmet medical needs characterized by oxygen deprivation (hypoxia) at the cellular level. Potential clinical applications include oncology, cardiovascular diseases, stroke and respiratory disorders.