CLINICAL TRIAL PROGRAMS FUNDED THROUGH 2010SAN FRANCISCO, Aug. 11 /CNW/ --Jennerex, Inc. (San Francisco, CA and
Ottawa, Ontario), a clinical stage biopharmaceutical company developing a
proprietary breakthrough class of targeted oncolytic virus therapeutics, today
announced the first closing of a private placement financing with gross
proceeds of US $5,123,521, exceeding the target of $5 million USD. A second
closing is anticipated on or before September 15, 2009, with additional
proceeds to be determined.
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. Key value creating trials include the following: initiation of a
randomized Phase 3 liver cancer trial, completion of a Phase 2 colon cancer
trial and a Phase 1 trial targeting lung cancer and other solid tumors.
Proceeds will also be used for research and development, general corporate
purposes and to augment working capital.
"We are again delighted by the enthusiastic support of existing
shareholders, and also welcome several new shareholders to the Company," said
David H. Kirn, M.D., President and CEO. "This funding, together with cash
resources on hand, is expected to cover operations for the next 16 months,
through the end of 2010, and specifically to fund the company through
significant value inflection points, including completion of the
above-mentioned Phase 1 and Phase 2 clinical trials," said Dr. Kirn.About JennerexJennerex is a clinical-stage biopharmaceutical company focused on the
development and commercialization of first-in-class, breakthrough targeted
oncolytic products for cancer. The Company's lead product JX-594, currently in
an international Phase 2 trial for primary liver cancer, demonstrated
promising Phase 1 efficacy and safety results in patients with a diverse array
of common large market cancers. Jennerex's products target, attack and
eradicate cancers through a novel and potent oncolytic mechanism that is
dependent on highly-specific replication of the Company's poxviruses in cancer
cells. These products simultaneously stimulate the body's immune response to
the cancer. Of note, this mechanism of action and the results in patients to
date put the Company's product class in a leadership position. Jennerex
Biotherapeutics was established in San Francisco and in Ottawa in 2006 with
Dr. David Kirn (CEO) in San Francisco and Dr. John Bell (CSO) from the Ottawa
Hospital Research Institute/University of Ottawa. For more information about
Jennerex and the Company's robust pipeline of three clinical-stage products,
please visit www.jennerex.com .
For further information: Jennifer Cook Williams of Cook Williams
Communications, Inc., +1-360-668-3701, firstname.lastname@example.org, for Jennerex, Inc.
Web Site: http://www.jennerex.com