Tetherex Pharmaceuticals, Inc. Completes $50M Series B Financing
Funding to support Phase 2 clinical trials of the company's PSGL-1 inhibitor, SelK2, in multiple indications
Apr 18, 2018, 08:00 ET
OKLAHOMA CITY, April 18, 2018 /PRNewswire/ -- Tetherex Pharmaceuticals, Inc., a privately held biopharmaceutical company focused on developing novel selectin inhibitor products to treat thrombosis, inflammatory diseases and cancer, today announced that the company has successfully closed on a $50 million private placement of Series B preferred stock. Proceeds from the financing will be used to conduct a Phase 2 clinical trial evaluating the company's potential, first-in-class P-Selectin Glycoprotein Ligand-1 (PSGL-1) inhibitor candidate, SelK2, in the treatment of venous thromboembolism (VTE) in patients undergoing total knee replacement surgery. In addition, Tetherex intends to use funds from the offering to conduct a second Phase 2 trial evaluating SelK2 in Crohn's disease or other inflammatory indication.
The funding was led by MPM Capital and a group of Oklahoma-based investors including Dr. Philip Jones, a member of the Tetherex Board of Directors.
"Our research suggests that SelK2 can broadly impact venous thrombosis, inflammation, and cancer where selectin/receptor-mediated cell adhesion has been shown to play a key pathologic role," said Dr. Scott Rollins, chairman and chief executive officer of Tetherex. "The additional investment by MPM Capital, a leading life sciences investor, and the overall success of this latest financing speak to the strength of the scientific data supporting the potential of SelK2 as a new, potentially first-in-class therapeutic option for several indications. We look forward to advancing SelK2 into Phase 2 clinical development later this year."
About SelK2
SelK2 is a humanized monoclonal antibody that binds PSGL-1 and blocks its interactions with both the selectin family of molecules and chemokines involved in exaggerated and destructive inflammatory responses in thromboembolic and inflammatory diseases.
About Tetherex Pharmaceuticals, Inc.
Tetherex Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on development of selectin inhibitor therapeutics for the treatment of a broad range of diseases including thrombosis, inflammation and cancer. More information is available at www.tetherex.com
| CONTACTS: |
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| Dr. Scott Rollins |
Paula Schwartz |
| Chairman and CEO |
Managing Director |
| Tetherex Pharmaceuticals, Inc. |
Rx Communications Group, LLC |
| 1-405-365-7365 |
1-917-322-2216 |
SOURCE Tetherex Pharmaceuticals, Inc.