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January 25, 2010
Kinex Completes Round of Financing
Kinex Pharmaceuticals LLC sold its Series A preferred units to raise $4.075 million in a recent round of financing, its largest single round to date. Since late 2004, the Company has raised more than $18 million from angel investors and has secured approximately $2 million in grant funding.
Kinex has used its technology platforms, Mimetica™ and Opal ™ to discover and develop novel small molecule inhibitors that target important proteins that are involved in cancer and immuno-inflammatory diseases.
Capital has been used to discover and advance KX2-391 into Phase 2 oncology trials and to develop its pipeline of small molecule inhibitors. KX2-361 is expected to begin a Phase 1 trial in glioblastoma patients, later this year.
“The experience of its management team combined with the judicious use of capital to build significant value in its pipeline is commendable”, said Dr. David Hsia, Kinex Board Member and Co-Founder of Watson Pharmaceuticals.