Healthcare Industry News: ProNAi Therapeutics
News Release - October 24, 2006
ProNAi Closes Successful Bridge Funding Round, Secures $6.65 Million TotalPioneer in DNAi-based drug development raises additional financing to further develop PNT-100 cancer therapeutic candidate toward FDA IND submission
KALAMAZOO, Mich.--(HSMN NewsFeed)--ProNAi Therapeutics, Inc., a biopharmaceutical company pioneering a new class of nucleic-acid drugs based on DNA interference (DNAi), today announced that it has successfully closed its bridge funding round, securing $6.65 million in additional financing.
The bridge funding round included investments from Apjohn Ventures, Grand Angels, Amherst Fund, Sigvion Ventures and a previously announced investment of $3.3 million from the Michigan Economic Development Corporation, which closed on September 12. Since its founding in 2004, ProNAi has successfully raised $11 million to date.
Dr. Richard D. Gill, President and CEO of ProNAi, said, "Team ProNAi is delighted at the success of our bridge financing round, which will help us bring our lead drug candidate, PNT-100, toward submission to the FDA as an Investigational New Drug sometime in mid-2007. Our drug development team is making remarkable progress in developing this very promising therapeutic, and we look forward to additional compelling efficacy and safety outcomes."
Robert Forgey, Chief Operating Officer of ProNAi, said, "ProNAi has demonstrated a solid track record of scientific progress to date, and it is clear that the investment community has responded strongly to our team's potential for creating and commercializing an innovative class of drugs for the treatment of cancer through DNAi-based discovery."
About ProNAi Therapeutics, Inc.
ProNAi Therapeutics, Inc. is a biopharmaceutical drug development company pioneering a new class of nucleic-acid drugs based on DNA interference (DNAi), which employs single strands of DNA to target and treat non-transcribed regions of genomes responsible for complex genetic diseases.
ProNAi is currently developing multiple DNAi-based drug candidates with the potential to treat multiple cancers, including non-Hodgkin's lymphoma, prostate, breast, and colon cancers. The company's lead drug candidate, PNT-100, which has demonstrated in vivo efficacy in a variety of human tumor xenograft models, is currently in preclinical development. ProNAi is also exploring the potential of DNAi-based therapies for indications such as diabetes, Alzheimer's and inflammatory disease.
ProNAi is based in Kalamazoo, Michigan. For more information, please visit: www.pronai.com.
Source: ProNAi Therapeutics
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