ProNAi Therapeutics isn't exactly hurting for money these days thanks to a $59.5 million Series D financing round it announced this week.
The biotech startup is developing a cancer-fighting drug called PNT2258. The drug is currently in clinical trials, which should take 3-5 years to get FDA approval.
"We're going to be using the majority of our funds for clinical trials," says Mina Sooch, co-founder & CEO of ProNAi Therapeutics
. "We hope to treat many patients with the funds, probably a few hundred."
The Plymouth-based startup, which also has an office in Kalamazoo, describes PNT2258 as a drug that utilizes a proprietary DNA interference technology to block a key oncogene BCL2 that then signals cancer cells to die. It is currently in the midst of Phase II clinical studies of patients with relapsed or treatment refractory non-Hodgkin's lymphoma, including those with diffuse large B-cell lymphoma, Richter’s transformation, and follicular lymphoma.
ProNAi Therapeutics is 10 years old and employs a staff of nine employees and one intern. It has hired three people over the last year, including professionals in research & development, finance and administration. Proceeds from the Series D round will be used to continue to build out the company's team, along with supporting drug manufacturing and advancing development of preclinical drug candidates in ProNAi Therapeutics' portfolio.
Source: Mina Sooch, co-founder & CEO of ProNAi Therapeutics
Writer: Jon Zemke
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