IRX Therapeutics Completes $25 Million Series A Preferred Stock Offering
NEW YORK - IRX Therapeutics, a privately-held company dedicated to the discovery and development of proprietary drugs for the treatment of cancer and viral diseases, today announced that it has raised $25 million through a Series A Preferred Stock offering. To date, the Company has raised more than $65 million in private financing.
"We are very pleased with the response to our Series A Preferred financing from existing and new investors," said John W. Hadden II, President & Chief Executive Officer. "With this new funding, we are well positioned to continue the development of our lead product, citoplurikin, and build upon previous clinical trial success."
The new funding will be used to further develop its cancer and viral disease product platform, including IRX-2 (citoplurikin), the Company's lead candidate for cancer treatment. The Company is developing an approach that seeks to stimulate a coordinated cellular immune response that can enable a patient's own immune system to fight disease. The overall goal of these programs is to increase survival and improve quality of life for patients. The Company has completed a Phase 2 clinical trial and announced preliminary positive findings at the 26th Annual J.P. Morgan Healthcare Conference in January. As a result, the Company is now planning to commence a Phase 3 study of citoplurikin.
About IRX Therapeutics
IRX Therapeutics is a privately-held immunotherapy company founded by John W. Hadden, M.D., a pioneer in the field of Immunopharmacology. The Company's product platform seeks to restore an effective cellular immune response for the treatment of advanced cancers and viral diseases by correcting both dendritic cell and T-cell defects. An effective immune response is essential for the eradication of viruses and tumors.
The Company's lead product, IRX-2 (citoplurikin), received Fast Track designation by the Food and Drug Administration. Phase 1/2 and Phase 2 clinical trials in late-stage head and neck cancer patients have been completed.
For more information on IRX Therapeutics, please visit the Company's website at http://www.irxtherapeutics.com.