The amount of the transaction was not disclosed.
The company intends to use the funds to expand and continue its current trials, and to develop an additional PTA-based immunotherapy.
Led by President Donald Hunt, PhosImmune controls a library of unique, aberrantly phosphorylated tumor antigens (PTAs) that are directly implicated in metastasis. Its PTAs, stemmed from research at the University of Virginia, are derived from proteins associated with the process that drives cancer, and target multiple forms of cancer, including leukemia, melanoma, and breast cancer.
The company’s lead candidate, PxM-01, is currently in Phase I testing to treat melanoma.