By Jennifer Chiou
New York, Oct. 11 - Virxsys Corp. said it closed on about $31 million of series F preferred stock.
"Investors were excited by our early clinical results and recognize the potential opportunities for our lentiviral vector platform," president and chief executive officer Riku Rautsola said in a news release.
The company said partial proceeds from previous closings in the round went towards completing its Phase I clinical trial for VRX496 gene-based anti-HIV immunotherapy. Other proceeds are slated for the drug's Phase II trial and the advancement of Virxsys' lentiviral vector platform technology, which may delay the progression of HIV.
Since its founding, Virxsys has raised about $63 million in equity financing.
Based in Gaithersburg, Md., Virxsys develops genetic therapies for HIV and cancer.
| Issuer: | Virxsys Corp.
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| Issue: | Preferred stock
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| Amount: | $31 million
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| Round: | Series F
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| Announcement date: | Oct. 11
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