The proceeds are to be primarily used for advancing its clinical trials in the US and Canada evaluating the safety and efficacy of its bioenergetic altered energy metabolism-directed compound (AEMD), CPI-613, in a variety of cancer types.
CPI-613 is the lead product candidate from Cornerstone’s AEMD compound platform currently being studied in human clinical trials.
Cliff Straub, vice president and CFO of Cornerstone Pharmaceuticals, said: “Raising funds in a challenging market is a strong validation of the potential value of the bioenergetic approach to targeting cancer, and of Cornerstone’s novel product candidates for cancer therapy.”