Diffusion Pharmaceuticals Closes $5 Million Financing; Completes Enrollment and Dosing in Phase 2 Trial In Brain Cancer
6/20/2013 9:06:59 AM
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CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Diffusion Pharmaceuticals LLC, a biotechnology company developing innovative cancer treatments for major unmet medical needs, today announced that it has closed a $5 million private financing. This funding round is an addition to the $5 million financing announced in September, 2012, and consists of convertible notes issued primarily to existing investors. Proceeds will support the Company’s ongoing Phase 2 clinical trial for its lead drug, trans sodium crocetinate (TSC). Enrollment is closed and TSC dosing is complete in all 59 patients who have newly diagnosed primary brain cancer (glioblastoma multiforme or GBM). The trial, conducted at 18 major cancer centers around the country, is evaluating the effect on patient safety and survival when TSC is added to the standard-of-care for GBM (i.e., radiation and chemotherapy).
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