CHARLOTTESVILLE, Va., Feb. 6 /PRNewswire/ -- Diffusion Pharmaceuticals LLC, a clinical-stage drug development company commercializing first-in-class drugs that enhance oxygen diffusion, today announced the completion of a $2.9 million private placement. The proceeds will support the company's overall growth and clinical programs for its lead drug compound, trans sodium crocetinate (TSC). In addition, David G. Kalergis, Chief Executive Officer of Diffusion Pharmaceuticals, will be presenting at two industry conferences: BioBusiness 2009, February 16 - 18, in Geneva, Switzerland, and BioNetwork East 2009, March 16 - 18, in Naples, Florida.
(Photo: http://www.newscom.com/cgi-bin/prnh/20090206/PH67853 )
To date, Diffusion Pharmaceuticals has raised $13.1 million in private equity and has received $2.6 million in government research and development funding from the Office of Naval Research (ONR), bringing the company's total funding to $15.7 million. This funding has enabled the Company to advance its drug-development programs, which include a multi-center Phase I/II clinical trial in peripheral arterial disease patients and a Phase I trial in patients with high-grade gliomas at Johns Hopkins University. These clinical trials are designated NCT00725881 and NCT00826930, respectively, on the clinicaltrials.gov Website.
"In an economic environment in which one third of all US biotech companies may go out of business for lack of funding, we are fortunate to have key investors who strongly believe in our technology and who continue to increase their investment level. We are also fortunate to have attracted several new investors at significant levels," said David G. Kalergis, Chief Executive Officer of Diffusion Pharmaceuticals.
David Kalergis, CEO, will present the company's recent progress and future plans to potential funding partners at several upcoming industry conferences. During BioBusiness 2009 at 4:00 p.m. February 16th in Geneva, Switzerland, Mr. Kalergis will participate with two other companies in the Investment Challenge to present proposals to a global panel of potential funding partners. At BioNetwork East 2009 10:00 a.m. March 16th in Naples, Florida, he will present a 40-minute case study on Diffusion Pharmaceuticals to a high-level audience of pharmaceutical business executives. The session, titled "Global Partnering Challenges: A Small Biotech's Perspective" will focus on the challenges facing a small biotech as it attempts to rise above the competitive crowd and win the support of major international companies.
About Diffusion Pharmaceuticals LLC
Diffusion Pharmaceuticals LLC is a clinical-stage drug-development company commercializing a family of first-in-class drug candidates to treat serious or life-threatening medical conditions. These proprietary small molecules use a novel method of action to enhance oxygen diffusion to oxygen-deprived (hypoxic) tissue. Potential clinical applications include cancer, critical care uses such as trauma, hemorrhage, stroke, and heart attack, as well as chronic conditions such as peripheral arterial and vascular disease, cardiovascular disease, and respiratory disorders. Enhanced diffusion of oxygen into hypoxic tissue has an important application in oncology by improving the efficacy of radiation therapy in cancerous tumors. A Phase I study for Diffusion's lead molecule, trans sodium crocetinate (TSC), in healthy subjects was successfully completed in 2007. In 2008, the company commenced a Phase I/II dose-range-finding, safety and efficacy study of TSC in peripheral arterial disease patients suffering from intermittent claudication. In early 2009, the company will initiate a Phase I proof-of-mechanism trial in patients with high-grade glioma at Johns Hopkins University. These studies are designated NCT00725881 and NCT00826930, respectively, on the clinicaltrials.gov Website. Diffusion Pharmaceuticals, which is privately held, is located in Charlottesville, Virginia. For more information, visit www.diffusionpharma.com.
CONTACT: Tracey Linkous, Director of Communications of Diffusion
Pharmaceuticals LLC, +1-434-220-0718, tlinkous@diffusionpharma.com
Web site: http://www.diffusionpharma.com/
Company News On-Call: http://www.prnewswire.com/comp/102419.html
