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August 3, 2005
Kinex Receives Investment from BDF
Kinex Pharmaceuticals, LLC received a $200,000 equity investment from the Western New York Business Development Fund. The BDF is a program funded through a partnership of the Empire State Development Corporation, the Erie County Industrial Development Agency, the University at Buffalo Foundation and the Western New York Technology Development Center Foundation. The fund is managed by Insyte Consulting.
The Business Development Fund (BDF) provides seed capital to technology entrepreneurs and start-up companies in Western New York to help stimulate and support early entrepreneurial efforts in the region. Kinex received the maximum investment allowable through the organization and views the participation of the BDF as “a vote of confidence in the company’s technology platform, the quality of the company’s management team and the capacity to grow a pharmaceutical company in Western New York”, according to Kinex Chief Executive Officer Dr. Allen Barnett.
To accommodate the BDF investment, Kinex re-opened its Series A round of financing which brought in additional capital from its existing investor base in addition to a few new investors. The total for the recent round was $589,000 which brings the total Series A funding to $1,339,000.
In total, Kinex has raised approximately $1.4 million in the past year and expects to raise an additional $6 million in Series B financing later this year. The new funding will give Kinex the resources necessary to advance its lead cancer compound, an oral src kinase inhibitor, through Phase 2a of clinical trials and to further develop promising leads in src and other kinase programs.
According to Dr. Allen Barnett, “The Kinex team is very pleased with the support we have received from Western New York. It has allowed us to move our main project forward in a timely fashion and to position the Company to further develop into a mature biotech company in Western New York”.
Kinex Pharmaceuticals is a Buffalo, NY based drug discovery and development company focused on the Development of Next Generation Anti-Cancer Therapies.