By Elaine Rigoli
Tampa, Fla., March 28 - Chronogen Inc. announced Tuesday that it has secured a $3.275 million venture loan from MMV Financial, Inc. to support the continuing growth of the company.
"These additional funds bring our cash position to cover two years of burn rate and will allow the company to advance the development of its product portfolio towards significant clinical milestones. We are proud to have MMV among our partners and their investment demonstrates the confidence generated by the promise and value of our portfolio of product candidates," chief executive officer Max Fehlmann said in a company news release.
Montreal, Quebec-based Chronogen is a biotechnology company focused on developing small-molecule drugs to treat age-related diseases.
| Issuer: | Chronogen Inc.
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| Issue: | Venture loan
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| Amount: | $3.275 million
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| Investor: | MMV Financial Inc.
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| Announcement date: | March 28
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