BUFFALO, N.Y. and HONG KONG, May 18, 2015 /PRNewswire/ -- Kinex Pharmaceuticals announced today the successful completion of an oversubscribed private placement of equity which was limited to strategic investors. The round was led by world renowned Chinese technology entrepreneur, co-Founder, Chairman and CEO of Tencent Holdings Ltd., Mr. Huateng Ma ("Pony" Ma).
Dr. Johnson Lau, Kinex Board Chairman and Chief Executive Officer commented "We are honored to include Mr. Pony Ma as one of our significant strategic shareholders. Pony's success and perspectives advancing technology in China will be very insightful to Kinex as we execute our medical technology strategy across both North America and China. We look forward to including Pony on our Asia Business Council of Advisors. This round had incredible demand and we decided to limit the investors to strategic partners who can contribute to Kinex's success in ways beyond just capital."
Mr. Pony Ma added "The Kinex Leadership Team and its platform strategy are very forward thinking and unique on a global scale. Advances in their proprietary medical technology will enable patient access to cutting edge technologies and care which will significantly improve the lives of many people around the world. I am impressed by the Kinex Management team and I look forward to throwing my support behind them to bridge US and Asia on both the biotechnology/pharmaceutical front as well as its potential cross-over with other business segments."
Mr. Flint Besecker, Kinex Chief Operating Officer and Board Director stated: "The demand for this equity raise was unbelievable and affirms the interest to support our manufacturing strategy and execution. We are well underway assembling a unique medical technology manufacturing supply chain across both North America and China and as part of that, Kinex is currently exploring partnership possibilities with New York State Officials. This capital raise provides working capital to advance our business model as we become a significant employer through a combination of both greenfield manufacturing development and manufacturing platform acquisitions. We have: a very experienced global leadership team, proprietary medical technology, a fortress balance sheet with no debt, a strong long term growth horizon and a committed existing shareholder base. With a combination of all these key ingredients, we are excited about the long term value we are creating for all stakeholders."
No investment bankers or advisors represented the Company for this offering.
Founded in 2003, Kinex is a global specialty oncology pharmaceutical company focused on the development and commercialization of next generation therapies for cancer diseases and supportive therapies. The company is dedicated to delivering innovative drugs that can have a life-changing impact on patients. Our business includes medical technology innovation centers and a unique emerging manufacturing supply chain across both China and North America. Through this connected innovation and manufacturing supply chain presence, we can identify, develop and deliver proprietary medical technology across continents and multiple regulatory environments. We have offices in: Buffalo and Clarence NY, Cranford New Jersey, Hong Kong, Taipei Taiwan, and Chongqing, China. In addition to our offices, we have regional development partners in Dunedin New Zealand, Guangzhou China, Seoul South Korea, Taipei Taiwan and Guatemala City Guatemala.
For more information, please visit www.kinexpharma.com
SOURCE Kinex Pharmaceuticals