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news.US-based biopharmaceutical company Omnitura Therapeutics has entered into a $24 million private placement agreement with multiple closings.
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Under the terms of this financing, investments will be made in three tranches: $8 million before March 31, 2009, $8 million before December 31, 2009 and $8 million before December 31, 2010.
Jeff Dao, president and COO of Omnitura, said: “We anticipate that these funds will cover Omnitura’s operations for three years and enable us to proceed with Phase I and Phase II clinical development of Aneustat, our lead multivalent cancer therapy.
“In addition to our clinical development program, these funds will also enable us to further cultivate strategic alliances and implement the next steps of our comprehensive financing plans.”
Aneustat represents a first-in-class multifunctional multitargeted therapy, specifically designed to address the heterogeneous nature of cancer, the company said.
Omnitura has exclusive worldwide rights to Aneustat under a license agreement with Genyous Biomed International.