Prolong Pharmaceuticals Secures $30 Million in Funding
10/14/2010
SOUTH PLAINFIELD, N.J., Oct. 14 /PRNewswire/ -- Prolong Pharmaceuticals today announced that the company has received a commitment of $30 million in funding from a private investor group. The monies will be dedicated to the company's continuing research and development efforts and clinical programs targeting anemias resulting from oxygen deficiency.
"As we move toward the clinic with our SANGUINATE(TM) product we are pleased to receive this level of financing for the next phase of our efforts," said Prolong President Glenn Kazo. "Over the coming months we will be focused on developing sufficient manufacturing capacity to supply our clinical development needs, researching additional indications, and expanding the infrastructure we expect to require as we move forward with SANGUINATE(TM)." Kazo recently assumed the title of President after consulting in various capacities with Prolong since 2007. He succeeds Prolong founder Dr. Abraham Abuchowski, who remains Chief Executive Officer.
About Prolong Pharmaceuticals
Headquartered in South Plainfield, New Jersey, Prolong Pharmaceuticals, LLC is developing biopharmaceutical products targeting the treatment of anemia resulting from an oxygen deficiency. First founded in 2002 as a research company Prolong is focused on sickle cell anemia, diabetic ischemia, and several trauma indications. The company's senior management team includes inventors of the most successful drug delivery technology in pharmaceutical history, now responsible for more than $30 billion in drug sales worldwide.