By E. Janene Geiss
Philadelphia, Feb. 9 - Inflabloc Pharmaceuticals Inc. said Thursday that it had completed a $6 million series C financing round.
This financing coincides with the completion of the merger with MantiCore Pharmaceuticals Inc., according to a company news release.
Friedli Corporate Finance and vSpring Capital were the lead investors.
The financing will be used to further the company's phase 2 clinical studies of its lead product targeting inflammatory diseases and continue early stage development in oncological diseases, officials said.
Inflabloc said its lead product is a proprietary dehydroepiandrosterone (DHEA) combination product for the treatment of chronic and sub-chronic inflammatory diseases.
Currently, two phase 2 clinical trials are being conducted to evaluate efficacy and safety in treating the symptoms of Crohn's disease and hyperlipidemia.
Crohn's disease, an inflammatory disease of the gastrointestinal tract, afflicts about 500,000 Americans and has an estimated worldwide market of more than $1 billion.
Hyperlipidemia, often associated with increased risk of heart disease and strokes, affects about 250 million people worldwide with an estimated market of more than $20 billion.
With the MantiCore merger, Inflabloc said it will continue the development of anti-cancer therapeutics using proprietary technology that attaches well-established anti-cancer drugs to cobalamin, a compound that has been demonstrated to target cancerous cells.
MantiCore previously had conducted early stage preclinical work directed toward the evaluation of cobalamin bioconjugates as potential anticancer drugs, officials said.
"This merger will bring together two strong and complementary companies and allow Inflabloc to increase its current pipeline for inflammatory disorders. Further, the MantiCore merger will allow us to expand into oncology, a key therapeutic area with significant unmet needs," Dinesh Patel, Inflabloc's acting chief executive officer and managing director of vSpring Capital, said in the release.
Inflabloc is a Salt Lake City development-stage biotechnology company engaged in the research and development of products and technologies in the fields of inflammation and oncology.
| Issuer: | Inflabloc Pharmaceuticals Inc.
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| Issue: | Series C financing
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| Amount: | $6 million
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| Investors: | Friedli Corporate Finance, vSpring Capital (leads)
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| Closing date: | Feb. 9
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