Dor BioPharma, an R&D biopharmaceutical company, has entered into a $400,000 common stock equity investment agreement priced at market with its clinical trials management partner, Numoda, a provider of clinical trial and drug development products and services.
Approximately $100,000 of this investment will be completed in January 2010. This investment follows and enhances the collaboration between Dor and Numoda announced June 30, 2008 and represents partial payment by Dor under the collaboration agreement.
Numoda is currently collaborating with Dor to execute Dor’s confirmatory Phase III clinical trial of orBec for the treatment of acute gastrointestinal graft-versus-host disease (GI GVHD).
Christopher Schaber, president and chief executive officer of Dor, said: We are pleased to receive this vote of confidence from our partner. This investment is in keeping with our philosophy of aligning the interests of our collaborators and subcontractors with those of our shareholders.
We believe that making them partners in our success enhances the likelihood of a positive outcome. It is gratifying to me that Numoda shares our passion and excitement over the promise of orBec in acute GI GVHD.