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news.Diffusion Pharmaceuticals, a clinical-stage drug-development company, has completed a $2.9 million private placement. The proceeds will support the company's overall growth and clinical programs for its lead drug compound, trans sodium crocetinate.
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To date, Diffusion Pharmaceuticals has raised $13.1 million in private equity and has received $2.6 million in government R&D funding from the Office of Naval Research, bringing the company’s total funding to $15.7 million.
This funding has enabled the company to advance its drug-development programs, which include a multi-center Phase I/II clinical trial in peripheral arterial disease patients and a Phase I trial in patients with high-grade gliomas at Johns Hopkins University.
David Kalergis, CEO of Diffusion Pharmaceuticals, said: “In an economic environment in which one third of all US biotech companies may go out of business for lack of funding, we are fortunate to have key investors who strongly believe in our technology and who continue to increase their investment level. We are also fortunate to have attracted several new investors at significant levels.”