Coronado Biosciences Announces Completion of Financings, Management Changes and Development Update; Appoints New CEO
NEW YORK, Nov. 3, 2010 /PRNewswire/ -- Coronado Biosciences, Inc., a privately held company engaged in innovative oncology drug development, announced completion of a series of private financings in 2010, resulting in aggregate gross proceeds to the Company of approximately $21.6 million. The Company intends to use the proceeds from these financings for general corporate purposes, including working capital, and to fund development activities for its lead product candidate, CNDO-109, including the initiation of a Phase 2 clinical trial in the US in patients with advanced acute myelogeous leukemia (AML). Paramount BioCapital, Inc. acted as lead placement agent for the financings.
CNDO-109 is a biological product based on in-licensed technology that activates natural killer (NK) cells harvested from close relatives of cancer patients or from the patient for the therapy of a wide-range of difficult to treat blood and solid tumor cancers.
Based on the results of a recently-completed Phase 1 open-label, uncontrolled clinical trial of CNDO-109 therapy in adult AML patients conducted at the Royal Free Hospital in London, the Company intends to file a Investigational New Drug application (IND) with the US Food and Drug Administration and to pursue a multicenter Phase 2 clinical trial for AML patients in the US, which the Company expects to commence in 2011.
Glenn L. Cooper, MD has joined the Company as Executive Chairman and Acting Chief Executive Officer, replacing R.J. Tesi, M.D., who has left the Company. Dr. Cooper has 20 years of experience in the pharmaceutical and biotechnology industries, most recently as Chairman and Chief Executive Officer of Indevus Pharmaceuticals, which was acquired by Endo Pharmaceuticals in 2009 for an aggregate acquisition price that has the potential to reach $700 million.
Eric Rowinsky, MD, has joined the Company as Vice Chairman and will serve as a consultant with particular focus on oversight of the Company's clinical development programs. Dr. Rowinsky was Chief Medical Officer and Executive Vice President at Imclone Systems from 2005 to 2009. Dr. Rowinsky is one of the country's leading cancer drug development experts.
Gary Gemignani has joined the company as Executive Vice President, Chief Operating Officer and Chief Financial Officer. Prior to joining Coronado, Mr. Gemignani was Executive Vice President, Chief Operating Officer and Chief Financial Officer of Gentium SpA, a developer of drugs for complications of cancer therapy. Prior to that, Mr. Gemignani held management positions of increasing responsibility at Wyeth, Novartis, and Prudential Financial.
This press release contains forward-looking statements that involve risks and uncertainties that could cause the Company's actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These forward-looking statements concern the timing, progress and results of the clinical development, regulatory processes, potential clinical trial initiations of the Company's product candidates, as well as the potential role these product candidates may play in the treatment of cancers. These statements are often, but not always, made through the use of words or phrases such as anticipates, expects, plans, believes, intends, and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. These statements are subject to various risks and uncertainties and include the Company's need for additional capital to fund its clinical development programs, the possibility that the results of clinical trials will not support the Company's claims, the possibility that the Company's development efforts relating to its product candidates will not be successful, the inability to obtain regulatory approval of the Company's product candidates, the Company's reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.