Kinex Pharmaceuticals Closes First Tranche of Current Round Financing
BUFFALO, N.Y., Oct. 22, 2012 /PRNewswire/ -- Kinex Pharmaceuticals has closed the first tranche of the Company's largest round of equity financing. The funds were raised from accredited investors and will be used to advance the Company's multiple clinical development programs.
"Kinex has raised its largest round of financing to date, highlighting the confidence of the investor base in the company's pipeline and its management team. Kinex will continue deploying its capital to advance its clinical programs and to build value in its development of novel compounds," said Flint Besecker, Chairman of the Finance Committee.
"Kinex has successfully evolved into an Oncology Specialty Pharmaceuticals company. The strategic positioning of the company over the past 18 months, through a number of transactions with key Asian Pharmaceutical partners, has enhanced Kinex's strong pipeline of clinical development candidates. Further, Kinex's Pharmaceutical partners confirm the potential of the company's robust product pipeline. The continuing support of our investors provides a strong testimony to the significance of these important strategic moves," said Chuck Lannon, Vice-Chairman of the Board of Chair of the Corporate Governance Committee and Managing Partner of Pharminex LLC, a major Kinex investor.
"I remain excited with Kinex's continuing evolution. The strategic decision to partner and develop an oral form of paclitaxel to leverage the potentially strong synergy with KX01, an oral src kinase/pretubulin inhibitor, provides a unique development opportunity. Kinex now has 4 oral clinical oncology drugs in its pipeline that have activity across a broad range of cancer types, a remarkable achievement for a biopharmaceutical company. The oral administration route offers both the potential to provide efficacy with reduced side effects compared to related IV drugs, and to be less intrusive on patient's lifestyles. We look forward to advancing our clinical programs with our two major Asian Pharmaceuticals partners, Hanmi of Seoul, Korea and Xiangxue of Guangzhou. In fact, it is believed that Hanmi will initiate a study of KX01 and intravenous paclitaxel as a proof-of-concept study in Korea in the near future. Both companies have been great partners and Kinex is delighted to have the chance to collaborate with them. I want to congratulate the management team's vision and execution. Their efforts have helped Kinex create value despite a very challenging economic setting," said Dr. Allen Barnett, President Emeritus of Kinex Pharmaceuticals.
About Kinex Pharmaceuticals, LLC
Kinex Pharmaceuticals, headquartered in Buffalo, New York, USA, is using its proprietary technologies Mimetica™ and Opal™ to discover and develop novel drugs for oncology and immune-modulatory diseases. Though a licensing and collaborative agreement, Kinex also developing products based on the Orascovery technology platform initially developed by Hanmi Pharmaceuticals. More information of Kinex Pharmaceuticals can be found at www.kinexpharma.com
Kinex Pharmaceuticals, LLC Caution Regarding Forward-looking Information
Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Kinex Pharmaceuticals cautions investors that any forward-looking statements or projections made by Kinex Pharmaceuticals, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected.
SOURCE Kinex Pharmaceuticals