Jennerex Completes Series C Financing For $5.6m

Jennerex has disclosed the second and final closing of a private placement financing with aggregate gross proceeds of $5.6m exceeding the target of $5m. As previously reported by the company, the net proceeds of the private placement will be used to continue advancing the company’s clinical development programs with the lead product JX-594.

According to Jennerex the next 12 months plan include completion of a randomised phase II trial in liver cancer, followed by initiation of a pivotal phase III trial in liver cancer. In addition, company also planed to complete a phase I trial in solid cancers, followed by initiation of a phase II colorectal cancer trial. Proceeds will also be used for manufacturing, general corporate purposes and to augment working capital.

David Kirn, president and CEO, said: “This Series C was a success due both to continued investment from many of our current shareholders, as well as support from a number of important new investors. We are particularly pleased to welcome the Ottawa Regional Cancer Foundation as a significant new investor.

“Jennerex and the Foundation share a common vision of extending and preserving the lives of patients with cancer. We also share a common commitment to build on the great strength of biological research and world-class facilities at the Ottawa Hospital Research Institute (OHRI). The Cancer Foundation’s participation will further support and extend the scope of joint research and development activities being undertaken in partnership with Jennerex at the OHRI, including expansion of manufacturing and clinical trial activities.”