Coronado Biosciences, Inc., a New York, NY-based company focused on innovative oncology drug development, completed a series of private financings in 2010, resulting in aggregate gross proceeds of approximately $21.6m.
Coronado plans to use the proceeds for general corporate purposes, including working capital, and to fund development activities for its lead product candidate, CNDO-109, including the initiation of a Phase 2 clinical trial in the US in patients with advanced acute myelogeous leukemia (AML).
CNDO-109 is a biological product based on in-licensed technology that activates natural killer (NK) cells harvested from close relatives of cancer patients or from the patient for the therapy of a wide-range of difficult to treat blood and solid tumor cancers.
Paramount BioCapital, Inc. acted as lead placement agent for the financings.
In addition, the company announced some changes to its management team. Glenn L. Cooper, MD has joined as Executive Chairman and Acting Chief Executive Officer, replacing R.J. Tesi, M.D., who has left the company. Eric Rowinsky, MD, has joined as Vice Chairman and will serve as a consultant with particular focus on oversight of the clinical development programs. Finally, Gary Gemignani has joined as Executive Vice President, Chief Operating Officer and Chief Financial Officer.