SAN FRANCISCO, Aug. 11 /PRNewswire/ --Jennerex, Inc. (San Francisco, CA and Ottawa, Ontario), a clinical stage biopharmaceutical company developing a proprietary breakthrough class of targeted oncolytic virus therapeutics, today announced the first closing of a private placement financing with gross proceeds of US $5,123,521, exceeding the target of $5 million USD. A second closing is anticipated on or before September 15, 2009, with additional proceeds to be determined.
The net proceeds of the private placement will be used to continue advancing the Company's clinical development programs with the lead product JX-594. Key value creating trials include the following: initiation of a randomized Phase 3 liver cancer trial, completion of a Phase 2 colon cancer trial and a Phase 1 trial targeting lung cancer and other solid tumors. Proceeds will also be used for research and development, general corporate purposes and to augment working capital.
"We are again delighted by the enthusiastic support of existing shareholders, and also welcome several new shareholders to the Company," said David H. Kirn, M.D., President and CEO. "This funding, together with cash resources on hand, is expected to cover operations for the next 16 months, through the end of 2010, and specifically to fund the company through significant value inflection points, including completion of the above-mentioned Phase 1 and Phase 2 clinical trials," said Dr. Kirn.
Jennerex is a clinical-stage biopharmaceutical company focused on the development and commercialization of first-in-class, breakthrough targeted oncolytic products for cancer. The Company's lead product JX-594, currently in an international Phase 2 trial for primary liver cancer, demonstrated promising Phase 1 efficacy and safety results in patients with a diverse array of common large market cancers. J
|SOURCE Jennerex, Inc.|
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