SALT LAKE CITY, UT--(MARKET WIRE)--Nov 5, 2008 -- Prolexys Pharmaceuticals, Inc. has raised $20 million in a Preferred Series A1 round led and managed by Friedli Corporate Finance.
Included among the purchasers of the shares is Peter Friedli, our Chairman, individually. The Board of Directors of the Company, including all of the Company’s independent directors, but with Mr. Friedli abstaining, unanimously approved the offering and sale of the shares, including the sale of a portion of the shares to Mr. Friedli.
“Raising the new capital under such favorable terms was an excellent opportunity for Prolexys to further advance the clinical development of PRLX 93936, a novel small molecule with potent and selective anti-tumor activity in the disease models representative of Colon, Lung (NSCLC), Pancreatic, and Ovarian cancer, several Sarcoma sub-types and Multiple Myeloma,” said Sudhir Sahasrabudhe, Ph.D., the scientific founder and Chief Scientific Officer. “The additional resources will also allow the company to develop back-up molecules to PRLX 93936, extend the PRLX 93936 franchise by leveraging the unique mechanism of action of PRLX 93936. This new investment by Mr. Friedli underscores his confidence and long-term commitment to support the development of novel cancer therapeutics at Prolexys. We are grateful for his continued guidance and support.”
PRLX 93936 shows impressive activity in disease models representative of cancers with high unmet medical need and large market potential. The current Phase 1 study assesses the safety, pharmacokinetics, and pharmacodynamics of PRLX 93936 administered intravenously over 1 hour daily for 5 days in patients with advanced solid tumors. Patients are evaluated prior to dosing, during dosing and following dosing, on a 28-day cycle. Tumor response is evaluated every other cycle. Three patients are assigned per dose level until the Maximum Tolerated Dose (MTD) is reached or a Dose-Limited Toxicity (DLT) is encountered. Fifteen patients have been dosed to-date and a total of six patients have received multiple cycles of treatment. Overall, the drug seems to be well tolerated. The next cohort (Cohort 5) will deliver a dose of 15 mg/meters squared, a dose that produces drug exposure levels at which significant anti-tumor activity has been observed in the mouse models of human cancer.
About Prolexys
Prolexys Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering small molecule drugs using its proprietary proteomics technology platform. The company’s therapeutic focus is on cancer where Prolexys has identified novel therapeutic targets. Small molecules that act at these targets have been identified and tested in cell and animal models of disease.
PRLX 93936, a small molecule with a unique mechanism of action and selective anti-tumor activity in a broad range of human cancers, is the most advanced clinical program at Prolexys. This drug candidate is currently being dosed in Phase 1 clinical trials for patients with advanced solid tumors. Several back-up candidates have been identified in the PRLX 93936 program to fully capitalize on the unique mechanism of action. In addition, novel small molecules with significant anti-tumor activity against biological models of colon cancer are being tested to facilitate the selection of a clinical lead. More information can be found on the company’s website, www.Prolexys.com.
About Friedli Corporate Finance
Friedli Corporate Finance was founded by Peter Friedli in 1986 and is one of the leading Swiss venture capital firms. Since its inception, Friedli Corporate Finance has invested in over 170 biotechnology and technology companies, primarily based in the US. Friedli Corporate Finance manages several investment companies. Friedli Corporate Finance has been the primary source of financing for Osiris Therapeutics since inception.
Contact:
Contacts: Sudhir Sahasrabudhe CSO Tel: 801-303-1717
Chad Bello Director of Finance Tel: 801-303-1718
Source: Prolexys Pharmaceuticals
