NEW YORK, Nov. 3, 2010 /PRNewswire/ -- Coronado Biosciences, Inc., a privately held company engaged in innovative oncology drug development, announced completion of a series of private financings in 2010, resulting in aggregate gross proceeds to the Company of approximately $21.6 million. The Company intends to use the proceeds from these financings for general corporate purposes, including working capital, and to fund development activities for its lead product candidate, CNDO-109, including the initiation of a Phase 2 clinical trial in the US in patients with advanced acute myelogeous leukemia (AML). Paramount BioCapital, Inc. acted as lead placement agent for the financings.
CNDO-109 is a biological product based on in-licensed technology that activates natural killer (NK) cells harvested from close relatives of cancer patients or from the patient for the therapy of a wide-range of difficult to treat blood and solid tumor cancers.
Based on the results of a recently-completed Phase 1 open-label, uncontrolled clinical trial of CNDO-109 therapy in adult AML patients conducted at the Royal Free Hospital in London, the Company intends to file a Investigational New Drug application (IND) with the US Food and Drug Administration and to pursue a multicenter Phase 2 clinical trial for AML patients in the US, which the Company expects to commence in 2011.
Glenn L. Cooper, MD has joined the Company as Executive Chairman and Acting Chief Executive Officer, replacing R.J. Tesi, M.D., who has left the Company. Dr. Cooper has 20 years of experience in the pharmaceutical and biotechnology industries, most recently as Chairman and Chief Executive Officer of Indevus Pharmaceuticals, which was acquired by Endo Pharmaceuticals in 2009 for an aggregate acquisition price that has the potential to reach $700 million.
Eric Rowinsky, MD, has joined the Company as Vice Chairman and will serve as a consultant with particular focus on
|SOURCE Coronado Biosciences, Inc.|
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