BioMarck Pharmaceuticals Closes $6.3M Series C Financing Round
Strong commitment from existing shareholders provides financing to support completion of the ongoing Phase 2 clinical study of BIO-11006
Research Triangle Park, N.C (April 6, 2009)
BioMarck Pharmaceuticals, Ltd., a research company involved in the treatment of respiratory diseases announced today that it has closed its Series C round of financing for over $6.3 million - the majority of the financing that closed out the Series C round was made possible through the commitment of existing shareholders. The proceeds of this transaction together with the recently announced grant of $990,000 by the National Institute of Health will support the growth of the company through its ongoing phase 2 clinical study that will determine the safety and efficacy of BIO-11006 Inhalation Solution in Chronic Obstructive Pulmonary Disease (COPD).
Allen F. Gant, Chairman and CEO stated, "This is a powerful endorsement of our mission to treat COPD and other respiratory diseases associated with the over secretion of mucus and pulmonary inflammation. I am delighted to have closed the round in a period that has seen unprecedented financial turmoil Worldwide, and at a time when biotech funding is more arduous. BioMarck has generated significant value since our prior financing round and this is reflected in the strong support from our shareholders."
About BioMarck Pharmaceuticals
BioMarck Pharmaceuticals, Ltd. is a privately owned biopharmaceutical company dedicated to the discovery and development of new drugs for the treatment of pulmonary diseases and disorders associated with the over-secretion of mucus and pulmonary inflammation. In developing its lead compound, BIO-11006 Inhalation Solution, BioMarck has chosen chronic obstructive pulmonary disease (specifically chronic bronchitis) as its first target, but other diseases including asthma and cystic fibrosis are later disease targets. BioMarck licensed its technology on a worldwide exclusive basis from North Carolina State University. For more information on BioMarck, please visit its website at www.biomarck.com.