Kinex Closes $5M Round of Financing
Kinex Pharmaceuticals has closed a $5M round of equity financing. The funds were raised from accredited investors and will be used to advance the Company’s clinical development programs.
“Kinex management has demonstrated to its investor base that it has successfully deployed capital to advance its clinical programs and to build value in its pipeline of novel compounds”, said Charles E. Lannon, Vice-Chairman of the Board of Directors and Managing Partner of Pharminex LLC, a major Kinex investor.
Dr. Allen Barnett, President Emeritus of Kinex, said “We are very pleased with the continued support we have received from our investor base. Together with Hanmi Pharmaceuticals, our Asian partner, we are well equipped to further advance the KX01 clinical program and our pipeline.”
KX01, an orally active small molecule inhibitor of Src kinase and tubulin polymerization, is being developed for oncology. A Phase 1 dose-escalation study to assess the safety, pharmacokinetics and preliminary efficacy of the compound has been completed. In 44 cancer patients who were refractory to chemotherapy, approximately 25% responded to KX01 treatment. The drug was well tolerated and adverse events related to KX01 were mild to moderate and fully reversible. KX01 is currently being evaluated in a Phase 2 study in castrate-resistant prostate cancer patients. Studies in acute myelogenous leukemia (AML) and chronic myelogenous leukemia (CML) will commence in the third quarter of this year.
Kinex is developing KX02 for brain cancer. The compound is an orally active small molecule that inhibits Src kinase signaling and tubulin polymerization and has exceptional brain penetration and efficacy in preclinical models. IND enabling studies are currently being completed with the aim of filing an IND and entering Phase 1 clinical studies early next year.
Kinex Pharmaceuticals is using its proprietary technologies Mimetica™ and Opal™ to discover and develop a pipeline of novel drugs for oncology and immuno-modulatory diseases.
