CHARLOTTESVILLE, Va., Jan. 25 /PRNewswire/ -- Adenosine Therapeutics, LLC, a drug discovery and development company founded in 1999, announced today that it has raised $3.5 million in a private equity financing. The additional capital will support the firm's overall growth. Williams Mullen served as legal counsel to the Company for the offering.
One immediate use of the added funds is the expansion of the Company's laboratory capability. Research space has been doubled and the program has been strengthened with the purchase of equipment to conduct nuclear magnetic resonance spectrometer studies.
"This funding will allow Adenosine Therapeutics to enhance our discovery capabilities and accelerate the clinical development of our family of powerful, rapidly acting, non-steroidal anti-inflammatory drug candidates," said Robert S. Capon, Chief Executive Officer and co-founder of Adenosine Therapeutics. "The financing was oversubscribed, and we are extremely gratified by the investment community's enthusiasm about Adenosine Therapeutics' progress."
About Adenosine Therapeutics
Adenosine Therapeutics focuses on the discovery and development of novel pharmaceutical products that target adenosine receptor subtypes. Candidates for drug development are identified and screened using the company's state-of- the-art adenosine receptor screening platform technology. The company was founded with the goal of taking new adenosine-receptor selective drugs into clinical trials for a broad range of potential indications. These drug indications include inflammatory indications, sepsis, heart attack, ischemia- reperfusion injury, vascular injury, spinal cord injury, COPD, asthma, diabetes, inflammatory bowel disease, retinopathy, epilepsy, Parkinson's disease, and site-specific angiogenesis. The company's most advanced drug development program is in Phase II clinical development. For more information on Adenosine Therapeutics, visit our web site at http://www.adenrx.com/.
Adenosine Therapeutics, LLC