GlobeImmune raises $7.5 million for ops
Last Updated: 15:10 February 13, 2014
The Louisville-based company raised the money through SternAegis Ventures, an arm of Aegis Capital Corp. in New York, according to a company press statement.
The fundraising comes after GlobeImmune announced in November it had withdrawn plans to file an initial public offering. GlobeImmune representatives said at the time that the market was not sufficiently attractive as a place to raise money.
GlobeImmune is developing therapeutic drugs to treat pancreatic cancer and hepatitis B and C, among other research projects. The company has licensing agreements with Gilead Sciences Inc. (Nasdaq: GILD) in Foster City, California, and with Celgene Corp. (Nasdaq: CELG) in Summit, New Jersey, for drugs under development.
The company's drug products for cancer and infectious diseases are based on its Tarmogen platform, according to SEC documents. Tarmogens activate a patient's immune system by stimulating a group of white blood cells called T cells, which destroy infected or malignant cells in the body.
GlobeImmune's lead pancreatic cancer drug is undergoing clinical trials required by the U.S. Food and Drug Administration before a drug can be marketed and sold commercially. Altogether, GlobeImmune has four Tarmogen-based products going through five clinical trials.
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