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March 10, 2008
Kinex raises more than $3 million in equity financing
Kinex Pharmaceuticals closed on its largest round of financing since its inception in 2004. This most recent round of $3.2 million brings the total raised to approximately $9 million. “Current investors made up the majority of this round and we were also joined by some significant investors from the pharmaceutical industry”, said Dr. Allen Barnett, Kinex’s Chief Executive Officer. He further added that “participation by our current investors is a vote of confidence that Kinex has and will continue to use its resources to advance its compounds along the drug development continuum”.
Kinex is currently developing KXO1 for oncology and it is being evaluated in Phase 1 human trials at MD Anderson and at Roswell Park Cancer Institute. Additional programs in the Company’s pipeline include discovery programs in immunology, inflammation, ophthalmic disease and cancer.