EntreMed ($ENMD) has struck a deal to bring in much-needed capital to support development of its experimental kinase inhibitor for attacking multiple types of cancer. And the Rockville, MD-based drug developer could name an interim chief executive to fill a spot vacated three years ago when former CEO Jim Burns left the firm, the Washington Business Journal reported.
The company's latest funding plan, which is subject to shareholder approval, comes in the form of a convertible notes offering, with buyers including IDG-Accel China Growth Fund II, Emerging Technology Partners, and Dr. Tak W. Mak, director of The Campbell Family Institute for Cancer Research.
With the funding, the company has high hopes to advance its lead drug, ENMD-2076, an Aurora A/angiogenic kinase inhibitor in midstage trials to treat ovarian cancer. The drug is also being investigated in initial trials for patients with solid tumors, multiple myeloma and leukemia, the company said. In October, the company's shares jumped on upbeat Phase II data, which showed that 22% of 64 patients with ovarian tumors who took ENMD-2076 lived for 6 months without their cancer getting worse.
"We are very pleased to have the support from a group of knowledgeable investors and the validation of the potential of ENMD-2076. The proceeds from the notes will allow the company to accelerate and expand its research and development activities, fund additional trials, initiatives and long term strategic plans," Michael Tarnow, the company's executive chairman, said in a statement.
- here's the Washington Business Journal's article
- and the company's release