Comments? Forgot why the lead compound was kicked-out, but it has attracted some money albeit from banks, insurance companies and pension funds.
Zarix, Inc. Closes Private Placement Financing
BERWYN, Pa., Oct. 4 /PRNewswire/ -- Zarix, Inc., an emerging pharmaceutical company, announced today the closing of a private placement of convertible preferred shares (the Company's Series C Convertible Preferred Stock).
The financing will total US$23.5 million. New investors, as well as past investors, will participate in the equity round. New investors include Sofinov, the Venture Capital arm of the Bank of Quebec, a fund located in Montreal, Canada, which supports enterprises in the fields of biotechnology, healthcare, information technology, and industrial technology, and the Ontario Teacher's Pension Plan, located in Toronto, Canada, a fund with over C$65 billion in assets. Current investors participating in this round include BioAsia Investments, LLC, EJ Financial Enterprises Inc., the New York Life Insurance Company, and Veron International.
``This financing has a significant international dimension, consistent with our global focus, and from very large funds, consistent with our mezzanine status,'' said John A. Kenward, Chairman and Chief Executive Officer, ``adding now Canadian resources to our established US and other international investor base.'' He added, ``This influx of capital will allow Zarix to initiate Phase III pivotal clinical trials of the company's unique oncology drug THYMITAQ®, as well as allowing the company to in-license additional product(s) and programs for our portfolio, and further reinforce an already very experienced infrastructure.''
Zarix Inc., headquartered in Berwyn, Pennsylvania, is an emerging biopharmaceutical company, with a focus on oncology and related areas. The Company was first funded in late March, 1998, and has a staff of experienced senior executives from the pharmaceutical and biotechnology industries.
The Company identifies and in-licenses advanced oncology biopharmaceuticals. An experienced, in-house team is responsible for clinical development, registration and commercialization of the portfolio on a global basis.
The Company's first drug candidate is the novel thymidylate synthase inhibitor THYMITAQ® or nolatrexed dihydrochloride which was acquired from Agouron Pharmaceuticals Inc., in late 1998, and was recently designated ``fast- track'' by the US Food and Drug Administration.
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--Wilder |
