NEW YORK, Oct. 17 /PRNewswire/ -- Tigris Pharmaceuticals, Inc., a privately held drug development company, recently completed a private placement of Series A Convertible Preferred Stock with institutional and other accredited investors resulting in gross proceeds of approximately $11.6 million, which includes the conversion of approximately $1.6 million of previously issued convertible debt.
The proceeds from the financing will be used for working capital, general corporate purposes and to fund further development of the company’s lead compound, A-007, a topical treatment for pre-cancerous and cancerous anogenital lesions associated with the human papillomavirus (HPV). Tigris plans to initiate a multi-center Phase II study of A-007 in patients with high-grade cervical intraepithelial neoplasia (CIN) in late 2005. A-007 is currently being investigated in a Phase I study in patients with anal high- grade squamous intraepithelial lesions (HSIL) at Beth Israel Deaconess Medical Center, a teaching hospital affiliated with Harvard Medical School.
“We are extremely pleased to have completed this financing. The proceeds will allow us to advance our lead product through the end of Phase II clinical trials for at least two separate indications. We are also very pleased to have had a group of the highest quality institutional investors participate in the financing,” commented Dr. Edmundo Muniz, Tigris’ President and Chief Executive Officer.
About Tigris Pharmaceuticals, Inc.
Tigris Pharmaceuticals, Inc. is a privately held biopharmaceutical company that acquires the rights to commercially develop therapeutic technologies to address unmet medical needs. Tigris is currently developing a topical treatment for pre-cancerous and cancerous anogenital lesions associated with the human papillomavirus (HPV), which is expected to enter Phase II human clinical trials in late 2005. The company’s mission is to efficiently move its existing and future technologies through the various stages of clinical development in order to meet patients’ needs for safe and effective treatments of human illnesses.
This news release contains forward-looking statements that involve risks and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statement. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation, our pharmaceutical collaborator’s ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, and product pricing and third party reimbursement. We undertake no obligation to update any forward-looking statement contained in this press release, except as required by law.
Contact: Edmundo Muniz President and Chief Executive Officer Tigris Pharmaceuticals, Inc. (212) 994-3869 emuniz@tigrispharma.com
Tigris Pharmaceuticals, Inc.
CONTACT: Edmundo Muniz, President and Chief Executive Officer of TigrisPharmaceuticals, Inc., +1-212-994-3869, or emuniz@tigrispharma.com
Web site: http://www.tigrispharma.com/