Phoenix Molecular Designs Ltd. has raised $2.7 million in new round of financing, including an over-subscribed $2 million venture capital round and over $670K in non-dilutive capital. Pallasite Ventures led the equity round and was joined by new angel investors and existing angel investors from prior funding rounds.
In connection with the financing, Dr. Chris Bissonnette, Ph.D., Managing Partner of Pallasite Ventures, has joined PhoenixMD’s board of directors.
Founded in 2012 by Dr. Sandra E. Dunn, Ph.D, Vancouver and San Diego, California based PhoenixMD is a biopharmaceutical company designing precise cancer therapeutics and companion diagnostics by targeting kinases, a class of highly druggable enzymes to treat a wide range of oncology indications.
New funds will be used to advance PhoenixMD’s lead asset PMD-026 through IND-enabling studies and to develop a sophisticated companion diagnostic test to determine which patients have high levels of activated RSK2, the protein that PMD-026 disrupts.
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Date: September 24, 2018
Source: PrivateCapitalJournal