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June 7, 2007
Kinex Pharmaceuticals Secures Additional Funding to Support a Phase 1 Trial for KXO1
Kinex Re-Opened its Series A round of financing to raise additional capital to complete the pre-clincial developent of KXO1 for oncology and to secure funding to commence a Phase 1 clinical trial. The round exceeded $2 million which brings the Series A round to a total of more than $6 million. Investors participating in the financing were exisiting investors and some additional new participants.
"This latest round of financing will provide Kinex with the funding it needs to move the development of KXO1 into the clinic", said Dr. Allen Barnett, Chief Executive Officer of Kinex Pharmaceuticals. KXO1 is a first in class oncology drug that targets the peptide binding site of Src kinase. In pre-clinical studies, KXO1 has been shown to inhibit the growth of primary tumors and metastasis. In addition, KXO1 is effective in inhibiting the growth of certain leukemia cells that are resistant to current therapies.