Alexin Pharmaceuticals announced that it has completed a $5.8million private placement of preferred stock, its third round ofventure financing since its inception in 1989 as ProteanaseInhibitor Research Corp. (The Horsham, Pa., company changedits name to Alexin last February.)
Investors included Grotech Capital Group, MDS Health Ventures,State of Michigan Retirement Systems, Hambrecht & Quist andPhiladelphia Ventures.
Privately held Alexin specializes in the development of naturaland modified human proteins for anti-inflammatoryapplications. The company was founded by Harvey Rubin of theUniversity of Pennsylvania with seed capital from ProtatekInternational, H&Q and Philadelphia Ventures. Rubin nowserves as chairman of Alexin's scientific advisory board.
The company's lead compound, now in preclinicals, is intendedto treat inflammation of the lung caused by infection, smokeinhalation and other traumatic injuries. The company hopes tobegin human clinical trials in 1995.
Alexin's president and chief executive, Jerry Hook, toldBioWorld that this latest round of financing follows a placementof approximately $2 million made in early 1989 and a $1.75million placement in late 1991. He added that the companynow has about $5 million in cash on hand with a burn rate of$125,000-$140,000 a month.
-- Karl A. Thiel Associate Editor
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