Proceeds to advance oncology therapeutics targeting cancer stem cells
NEW YORK, April 9, 2008 /PRNewswire/ -- Stemline Therapeutics, Inc., a clinical stage biopharmaceutical company and a leading developer of oncology compounds directed to cancer stem cell targets, today announced that it has completed a $12.5 million round of financing with healthcare funds managed by Pequot Capital Management, Inc.
Stemline's CEO, Ivan Bergstein, MD, said. "We are very pleased to have consummated this transaction with a fund of this caliber. The capital provides us with significant runway to advance our clinical program, while continuing to build out our pipeline, discovery platform, and comprehensive IP estate. Moreover, this financing allows us to continue to strengthen our leadership position in the rapidly emerging cancer stem cell field."
About Stemline Therapeutics, Inc.
Stemline Therapeutics, Inc. is a clinical stage biotechnology company developing novel oncology compounds directed to cancer stem cell targets. Stemline's lead compound, SL-401, targets the interleukin-3 receptor present on multiple hematological cancers including leukemia blasts and leukemia cancer stem cells. SL-401 has demonstrated single agent anti-tumor activity at tolerable doses in a multi-center Phase I human trial. In addition, Stemline is developing a portfolio of compounds directed at this and other high value cancer stem cell targets of a variety of hematological and solid cancers. Stemline has also built a robust discovery platform called "StemScreen(R)" which the Company has utilized to identify multiple compounds that target and impair cancer stem cells. For more information, please visit the Company's website at http://www.stemline.com.
|SOURCE Stemline Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved