MELBOURNE, Australia, & MENLO PARK, Calif.--(BUSINESS WIRE)--ChemGenex Pharmaceuticals (ASX: CXS, NASDAQ: CXSP) announced today the completion of an A$10.5 million capital raising achieved by a non-renounceable rights issue for 16,891,916 new ChemGenex shares and associated options. The successful rights issue follows the raising of A$10.5 million by placement to institutional investors in February 2007. The combined capital raising of A$21 million puts ChemGenex in a strong position to fund the completion of the development program for its lead agent, Ceflatonin®, which is currently in phase 2/3 clinical trials for chronic myeloid leukemia (CML) patients with the T315I mutation who have failed Gleevec®. The T315I Bcr-Abl mutation renders treatment with tyrosine kinase inhibitors (TKIs) ineffective, and is associated with resistance to Gleevec and Sprycel®.
