By Elaine Rigoli
Tampa, Fla., March 22 - IRX Therapeutics announced that it has raised $12.5 million through a convertible note offering.
The new funding will be used to further develop cancer and viral disease products, including IRX-2, the company's lead cancer drug, according to a company news release.
The 12-year-old company has raised more than $26 million in private financing, the release said.
"This is an exciting time at IRX Therapeutics as we look forward to completing the U.S. phase 2 clinical trial and are preparing for a pivotal phase 3 study of IRX-2. This additional funding demonstrates the continued strong interest in our products and therapies and commitment from leading financial investors," chairman John T. Spitznagel said in the release.
The company also announced that Frank J. Loverro, a managing director of Kelso & Co., has joined its board of directors.
New York-based IRX Therapeutics is a privately held immunotherapy company focusing on the development and commercialization of treatments for advanced cancer and viral diseases.
| Issuer: | IRX Therapeutics
|
| Issue: | Convertible note
|
| Amount: | $12.5 million
|
| Announcement date: | March 22
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
