Onconova Therapeutics has brought in $50 million in new funding, according to documents filed with the SEC. That money will be used for a slate of mid- and late-stage studies on rigosertib, an experimental multikinase inhibitor targeting mitotic and PI-3 kinase pathways.
Newton, PA-based Onconova will have plenty of uses for this money. Investigators are enrolling patients in a Phase III study of an IV formulation of rigosertib for patients with myelodysplastic syndromes who have failed other drugs or relapsed. And a Phase II/III is enrolling pancreatic cancer patients, one of the toughest cancer populations any developer can tackle. An early-stage study for acute myelogenous leukemia is also being prepped.
Two years ago the Leukemia and Lymphoma Society stepped up with an offer to provide up to $10 million for the biotech's work on myelodysplastic syndromes, disorders of the blood and marrow that are sometimes referred to as "smoldering leukemia."
The Philadelphia Business Journal reports that the developer raised close to $27 million in a two-part raise earlier in the year.
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