Staff Writer
ProCertus BioPharm Inc. closed on its $2.23 million Series A round of financing to fund development of products to protect cancer patients against the side effects of chemotherapy and radiotherapy.
ProCertus, of Madison, Wis., is developing ProDermaCel for chemotherapy- and radiotherapy-induced alopecia (hair loss), lead product DermX for radiotherapy-induced dermatitis (skin burn) and OralX for oral mucositis.
The company said it plans to begin Phase I/II trials this year to demonstrate proof of concept in humans.
The financing was led by Venture Investors LLC, which was joined by existing investors, including Novartis Venture Fund.
In other financing news:
• StrataGent Life Sciences Inc., of San Jose, Calif., closed a $6.65 million tranche of a planned $16 million Series B financing round. The round was led by Essex Woodlands Health Ventures, and included Series A investor Quantum Technology Partners and Aphelion Capital. Remaining funds are tied to achievement of milestones. StrataGent is developing products based on its microjet technology, which is designed to deliver large and small molecules without a device penetrating into or through the skin.
• Morria Biopharmaceuticals plc, of London, raised £1.6 million (US$3.8 million) through a private placement of 2 million shares at £0.80 per share. The round was led by its financial consultant, London-based Charles Street Securities Inc. Funds will be used in development of Morria's two leading drug candidates, MRX6, a topical formulation for treating contact dermatitis, and MRX4, an inhaled nasal spray for treating allergic rhinitis.
• Progen Pharmaceuticals Ltd., of Brisbane, Australia, completed the sale of 6.9 million shares of common stock at $4.75 per share, raising gross proceeds of $32.8 million (A$39.7 million). Shares were sold from a shelf registration to institutional and other investors. Thomas Weisel Partners LLC was placement agent. The company previously said it intended to raise another $28.2 million through a 1-for-9 rights issue. (See BioWorld Today, May 4, 2007.)
• Sernova Corp., of Kelowna, British Columbia, raised $2.4 million through the exercise of all outstanding warrants. Funds will be used to continue development of Sertolin, Sernova's cellular therapy for diabetes. About 4 million warrants were exercised at $0.60 per share. Sernova also said it now has met all financing commitments for the Sertolin technology, giving it sole control of the product.
• PolyMedix Inc., of Philadelphia, filed a registration statement relating to a proposed offering of up to $35 million of common stock and warrants. Needham & Co. LLC is lead placement agent, with WBB Securities LLC co-agent. PolyMedix is developing synthetic small-molecule compounds that mimic the activity of large natural proteins, compounds referred to as biomimetics. Initial programs target infectious diseases and acute cardiovascular disorders.
• EndoCeutics Inc., of Quebec, lowered the price range of its planned initial public offering to between $7 and $9 per share, down from an earlier plan of $11 to $13 each. The company still plans to sell 5.75 million common shares, which would raise $46 if sold at the midpoint of the new price range. EndoCeutics registered earlier this year to raise up to $75 million in an IPO. (See BioWorld Today, March 1, 2007.)