Lakewood-Amedex Raises $5.5 Million In Series C Preferred Stock Financing
SARASOTA, Fla., June 18, 2014 /PRNewswire/ -- Lakewood-Amedex Inc., a leading developer of novel anti-infective pharmaceuticals, announced today that it has raised a total of $5.5 million, before fees and expenses, through a Series C Preferred stock offering from a group of accredited investors. Scarsdale Equities LLC of New York and San Francisco acted as the principal placement agent. The Company will use the proceeds to advance is novel broad-spectrum Bisphosphocin™ class of antimicrobials into human clinical trials.
Lakewood-Amedex CFO, E. Russell McAllister, who joined the Company in January and managed the relationships with Scarsdale Equities and Capital Guardian LLC, also a placement agent in the financing, remarked, "The Series C funding marks a major milestone for Lakewood-Amedex, providing the Company with sufficient capital to complete its first two human clinical trials for its lead Bisphosphocin™ product, Nu-3: a Phase I/IIa trial for infected complicated diabetic foot ulcers (cDFU), a topical indication, followed by a Phase I trial for several systemic infections such as complicated urinary tract infections (cUTI) by intravenous administration. These indications were specifically selected to rapidly demonstrate the broad-spectrum activity of the Bisphosphocin™ class against problematic chronic and acute infections due to their rapid bactericidal effect. Bisphosphocins™ represent a new paradigm in antimicrobial development because they are effective against both, gram-positive and gram-negative bacteria, including those caused by antibiotic-resistant strains such as MRSA, ESKAPE, and NDM-1 strains as well as biofilm encased bacteria."
Lakewood-Amedex intends to significantly increase its business development activities as a result of this funding, including seeking collaborations and partnerships to help develop its extensive portfolio of products. In particular, the Company will be seeking partners to continue development of its orally available 'gene silencing' nRNA therapeutics for the treatment of various viral indications, oncology applications, inflammatory conditions and other chronic human diseases.
Mr. McAllister continued, "It has been a pleasure to work with my former colleagues at both Scarsdale Equities and Capital Guardian in bringing about this financing through our relationships with knowledgeable and sophisticated investors that were able to appreciate the commercial and medical potential of our novel product portfolio."
About Lakewood-Amedex, Inc.
Lakewood-Amedex is a privately held biopharmaceutical company developing a broad portfolio of innovative novel-approach anti-infective products in the treatment of serious infectious diseases, improving patient outcomes and significantly reducing the threat posed by antibiotic-resistant bacterial strains like MRSA, VRE, NDM-1 and biofilm strains. The Company's products and technology are covered by an extensive patent portfolio consisting of 74 issued and 13 pending patents. The Company's lead product, Nu-3, a first-in-class antimicrobial, is expected to enter the clinic in the second half of 2014. Lakewood-Amedex is also developing orally available 'gene silencing' nRNA therapeutics for the treatment of various viral indications, oncology applications, inflammatory conditions and other chronic human diseases.
About Scarsdale Equities LLC
Scarsdale Equities LLC is an institutional FINRA member broker/dealer and SIPC member located in New York City, U.S.A., with offices at 10 Rockefeller Plaza in midtown Manhattan. The founding partners of Scarsdale Equities LLC are respected veterans of the U.S. financial services industry with solid track records as investors, analysts, and investment bankers.
About Capital Guardian LLC
Capital Guardian is a boutique wealth management firm with offices strategically located throughout the United States. Capital Guardian offers advisors access to a true open platform, personalized support, global resources and an innovative management team. The firm's mission is to liberate and empower investors and advisors.
This press release contains forward-looking statements that can be identified by terminology such as "expects", "potential", "suggests", "may", "will" or similar expressions. Such forward-looking statements regarding our business, which are not historical facts, are "forward-looking statements" that involve risk and uncertainties, which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements. Actual results may differ materially from statements made as a result of various factors, including, but not limited to sufficiency of cash to fund the Company's planned operations, risk associated with inherent uncertainty of product research and development, risk of protecting proprietary rights and competition. Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect the circumstances or events that occur after the date the forward-looking statements are made.
SOURCE Lakewood-Amedex Inc.