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Gemin X Pharmaceuticals closes $38 Mn Series C financing
By SiliconIndia | Thursday, 03 July 2008, 05:07 Hrs
Montrial: Gemin X Pharmaceuticals, a privately held pharmaceutical company focused on developing novel treatments for cancer, has announced the closing of a $38 million Series C financing. The financing was led by the Caxton Advantage Life Sciences Fund and Caxton Global. All previous Gemin X investors also participated in the financing, including Sanderling Ventures, H.I.G. Ventures, CDP/Vantage Point, ProQuest, Merlin BioMed Group, HBM Partners, Canadian Medical Discoveries Fund, Ontario Teachers' Pension Plan Board, SoftBank Life Science, Business Development Bank of Canada, Solidarity Fund QFL, and Pinnacle Bioventures.
"This significant Series C financing validates the promise of Gemin X's unique, un-partnered small molecule cancer programs that target specialized cancer pathways," said Dr. Glenn Gormley, President and CEO of Gemin X. "Proceeds from this transaction will be used to advance the registration trial process of our lead cancer drug, Obatoclax, a novel, first-in-class small molecule pan Bcl-2 inhibitor. This financing will also support continued development of our second clinical compound, GMX1777, a NAMPRT inhibitor, as well as the advancement of our other pipeline candidates."
"Gemin X has generated exciting human clinical data with obatoclax in a range of hematological and solid tumor cancers as both a single agent and a combination therapy," stated Eric Roberts, Managing Director of Caxton Advantage, who joined Gemin X's board of directors concurrent with the initiation of the financing. "The Company has demonstrated its commitment to bring Obatoclax into registration trials, and has also successfully built a solid pipeline of cancer therapies. The potential for near-term clinical milestones, as well as the broad potential of Gemin X's lead programs for additional indications, make the Company an attractive investment," he added.
"This significant Series C financing validates the promise of Gemin X's unique, un-partnered small molecule cancer programs that target specialized cancer pathways," said Dr. Glenn Gormley, President and CEO of Gemin X. "Proceeds from this transaction will be used to advance the registration trial process of our lead cancer drug, Obatoclax, a novel, first-in-class small molecule pan Bcl-2 inhibitor. This financing will also support continued development of our second clinical compound, GMX1777, a NAMPRT inhibitor, as well as the advancement of our other pipeline candidates."
"Gemin X has generated exciting human clinical data with obatoclax in a range of hematological and solid tumor cancers as both a single agent and a combination therapy," stated Eric Roberts, Managing Director of Caxton Advantage, who joined Gemin X's board of directors concurrent with the initiation of the financing. "The Company has demonstrated its commitment to bring Obatoclax into registration trials, and has also successfully built a solid pipeline of cancer therapies. The potential for near-term clinical milestones, as well as the broad potential of Gemin X's lead programs for additional indications, make the Company an attractive investment," he added.
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