Healthcare Industry News: colorectal cancer
News Release - July 15, 2008
Light Sciences Oncology Raises $40.1 Million in Series C FinancingProceeds to Fund Completion of Phase III Trials of Light Infusion Therapy in Hepatocellular Carcinoma and Metastatic colorectal cancer and Phase I/II and Phase IIa Benign Prostatic Hyperplasia Studies
BELLEVUE, Wash., July 15 (HSMN NewsFeed) -- Light Sciences Oncology, Inc. (LSO), a privately held company developing Light Infusion Therapy(TM) (Litx(TM)) to treat cancer and other conditions, today announced that it has raised $40.1 million in a Series C round of financing. The company raised $97 million in its first two rounds of financing. Investor names were not disclosed.
LSO plans to use the funds in the continued development of Light Infusion Therapy (Litx), which includes two ongoing Phase III clinical trials in patients with hepatocellular carcinoma and metastatic colorectal cancer, a planned Phase III trial in glioblastoma multiforme (brain cancer), and early stage clinical trials in benign prostatic hyperplasia (BPH).
"We are approaching exciting milestones in the development of Litx, including the completion of enrollment in our Phase III primary liver cancer trial," said Llew Keltner, M.D., Ph.D., president and chief executive officer of Light Sciences Oncology. "The Series C funds combined with our substantial cash reserves will allow us to continue to move forward with all aspects of our development plan in a timely manner."
Leerink Swann LLC acted as exclusive placement agent and exclusive financial advisor in connection with the transaction.
About Light Sciences Oncology
Light Sciences Oncology, Inc. (LSO) is developing Light Infusion Therapy(TM) (Litx(TM)) to provide safer and more effective treatment for cancer and other conditions. In addition to the Phase III trials in hepatocellular carcinoma and colorectal cancer metastatic to the liver, the company has completed a Phase II clinical trial of Litx in glioma and plans to initiate a Phase III trial in glioma during the second half of 2008. LSO has widened the scope of potential therapeutic applications of the versatile Litx platform to include benign neoplasms such as benign prostatic hyperplasia (BPH), neurofibromas, and uterine fibroids, as well as vascular disease and dermatology. The company has positioned itself for growth with a strong portfolio of intellectual property, innovative applications in development, and an exceptionally talented team.
Source: Light Sciences Oncology
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