Funds will allow company to implement new initiatives and long-term strategic plans.
EntreMed raised $10 million through the issuance of convertible notes to accredited investors. The firm says it will use the proceeds, estimated at about $9.3 million net, to expand its R&D activities, fund new clinical trials, and initiate new initiatives and long-term strategic plans.
EntreMed is a clinical-stage pharmaceutical company focused on the treatment of cancer and inflammatory diseases. The firm’s oral oncology candidates are designed to inhibit multiple pathways that promote the formation and replication of tumor cells, while interrupting the formation of tumor-feeding blood vessels.
Lead candidate ENMD-2076 is an orally active Aurora A/angiogenic kinase inhibitor, which has completed Phase I studies in patients with solid tumors and leukemia, and is currently undergoing Phase II evaluation in ovarian cancer, and Phase I testing against multiple myeloma. Positive progression-free survival data from a Phase II study evaluating ENMD-2076 monotherapy in patients with platinum-resistant ovarian cancer was reported in October 2011.