Malvern, PA-based Gemin X Pharmaceuticals has rounded up $16 million in a Series D round led by two existing investors. The money will be put to use advancing the developer's new cancer therapies, which include the lead drug obatoclax (GX15-070), now in a Phase IIb study of small cell lung cancer. Caxton Advantage Life Sciences Fund LP and Sanderling Venture Partners co-led the round and have the option of injecting another $4 million into the developer at a later point.
"We appreciate the broad and ongoing investor commitment to Gemin X and this Series D financing. The financing is occurring on the heels of positive Phase Ib data for our lead product candidate, obatoclax, in patients with small cell lung cancer," said Michael Dixon, CFO of Gemin X. "This continued support has enabled Gemin X to recently complete enrollment in our randomized controlled Phase IIb study of obatoclax in the first-line treatment of patients with extensive-stage small cell lung cancer, and we look forward to announcing data from this trial later this quarter."
Obatoclax is a pan Bcl-2 inhibitor. In the ongoing trial, researchers achieved full enrollment of 165 SCLC patients ahead of schedule and exceeded the study goal of 154 participants. The developer's R&D arm is in Montreal.
- check out Gemin X's press release for more