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September 14, 2005
Kinex Receives Investment from the Niagara Region Venture Fund
Kinex Pharmaceuticals received an investment of $200,000 from The Niagara Region Ventures Fund. The fund is part of the ECIDA Financing Group that supports private investment that expands or retains employment in Erie County, New York. Technology-based companies that have been identified as priorities for future growth in the county and region are potential recipients of these monies. “The development and continuation of companies like Kinex Pharmaceuticals is dependent on the availability of near-equity and equity seed, start-up and growth capital. The Niagara Region Ventures Fund has invested in Kinex because of its potential for growth which is expected to provide long-term opportunities in the regional employment base”, said Alfred Culliton, the fund manager.
This investment is the first tranche of up to a potential $500,000 total investment by the ECIDA. Achievement of both technical and financial milestones may trigger additional investments in Kinex.
Kinex Pharmaceuticals is a drug discovery and development company located in Buffalo, New York that is focused on developing Next Generation Cancer drugs.