Company will proceed with clinical trials of first-in-class multivalent therapies for cancer
REDWOOD SHORES, Calif., Jan. 29 /PRNewswire/ -- Omnitura Therapeutics Inc. ("Omnitura") announced today that it has entered into a $24 million private placement agreement with multiple closings. Under the terms of this financing, investments will be made in three tranches: $8 million before March 31, 2009, $8 million before December 31, 2009 and $8 million before December 31, 2010. "We anticipate that these funds will cover Omnitura's operations for three years and enable us to proceed with Phase I and Phase II clinical development of Aneustat(TM), our lead multivalent cancer therapy," said Jeff Dao, President & COO of Omnitura. "In addition to our clinical development program, these funds will also enable us to further cultivate strategic alliances and implement the next steps of our comprehensive financing plans," said Mr. Dao.
Aneustat(TM) represents a first-in-class multifunctional multitargeted (MFMT(TM)) therapy, specifically designed to address the heterogeneous nature of cancer. Omnitura has exclusive worldwide rights to Aneustat(TM) under a license agreement with Genyous Biomed International, Inc.
About Omnitura Therapeutics Inc. and MFMT(TM) Therapies
Omnitura Therapeutics Inc., www.omnitura.com founded in 2001, is a bio-pharmaceutical company that develops and facilitates the marketing of a new class of multivalent drugs for the treatment of cancer. Our mission is to commercialize Multifunctional Multitargeted ("MFMT(TM)") oncology drugs. MFMT(TM) drugs possess multiple therapeutic functions and act upon multiple biological targets to treat complex chronic diseases, including cancer.
Omnitura's MFMT(TM) drug candidates, acquired via an exclusive worldwide license and joint development arrangement with Genyous Biomed International Inc., were designed using a systems biology strategy that takes into consideration crosstalk between cancer cells, their microenvironment and the host organism (e.g. the immune system response). The comprehensive therapeutic activity profile of MFMT(TM) drugs represents an opportunity to significantly improve outcomes. By possessing multiple therapeutic functions and working through a multiplicity of biological targets, relatively low and well-tolerated doses of therapeutic actives are sufficient to treat cancer while minimizing disruption of and restoring the body's homeostasis. This unique characteristic of MFMT(TM) drug candidates leads to less risk of toxicity, side effects and the development of drug resistance.
|SOURCE Omnitura Therapeutics Inc.|
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