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January 4, 2006
Kinex Closes on Additional Equity Investments
Kinex Pharmaceuticals closed a round of private equity financing totaling $700,000. The Company has raised more than $2 million from angel investors and regional economic development agencies through private placements, since August 2004. Additional funds have been secured through state and federal grants.
Kinex is a drug discovery and development company that has used a proprietary technology to discover and develop a Next Generation cancer drug. The Company is also using its technology to discover drugs for osteoporosis, hearing loss and ischemic disease. “The funding received in this most recent round will be used to continue moving our lead compound for cancer into human clinical trials”, said Allen Barnett, the Company’s chief executive. Kinex expects its first drug to be in the clinic later this year.