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August 1, 2004
Kinex Closes on Seed Round Financing
Kinex Pharmaceuticals announced today that it has closed its first round of private equity financing on July 31, 2004. Investors from New York, California and New Jersey participated. The funds have been earmarked for further development of the Company’s lead anti-cancer compounds. Kinex plans to identify an IND candidate before the end of 2004 and to have their drug in Phase 1 clinical trials by the end of 2005.
“Selection of a candidate for full preclinical development is a significant value point in the drug discovery process” said Allen Barnett, PH.D., the company’s chief executive officer. "Kinex is positioned to have its lead compound in the clinic in late 2005”, he noted. Barnett is no stranger to the drug discovery and development process. As an executive and scientist at Schering Plough, he was a driving force behind four marketed drugs: Doral, Claritin, Clarinex and Zetia.
About Kinex Pharmaceuticals: Kinex Pharmaceuticals, is a product-oriented drug discovery company with a unique technology platform and extensive pharmaceutical expertise focusing on Next Generation anti-cancer drug discovery and development, against validated molecular targets.