Omnitura Therapeutics has struck a deal to garner $24 million in venture capital. The money is scheduled to arrive in three tranches, with $8 million arriving before March 31, 2009, $8 million before December 31, 2009 and $8 million before December 31, 2010.
"We anticipate that these funds will cover Omnitura's operations for three years and enable us to proceed with Phase I and Phase II clinical development of Aneustat, our lead multivalent cancer therapy," said Jeff Dao, president and COO of Omnitura. "In addition to our clinical development program, these funds will also enable us to further cultivate strategic alliances and implement the next steps of our comprehensive financing plans."
Aneustat is billed as a first-in-class multifunctional multitargeted therapy designed to address the heterogeneous nature of cancer. Redwood Shores, CA-based Omnitura has exclusive worldwide rights to Aneustat under a license agreement with Genyous Biomed International.
- read the Omnitura release
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