Bexion Pharmaceuticals, Inc. announced that the Board of Directors and shareholders approved the increase of the Series B Preferred Stock Financing to $25MM. $16.6MM has been collected to date.
COVINGTON, Ky., April 30, 2019 /PRNewswire/ -- Bexion Pharmaceuticals, Inc. (Bexion) announced today that the Board of Directors and shareholders approved the increase of the Series B Preferred Stock Financing to $25MM. $16.6MM has been collected to date. Proceeds from this funding round will support the ongoing Adult Phase I Part 3 testing the safety of BXQ-350 plus the initiation of two additional clinical trials. A Pediatric Phase I trial testing the safety of BXQ-350 in pediatric patients with brain tumors and rare solid tumors opened earlier this month. A Phase 2 Adult Glioblastoma Multiforme (GBM) Trial is scheduled to begin later this year.
After the completion of this round, Bexion will have raised over $48MM in private investment and over $6MM in non-dilutive funding from the National Cancer Institute (NCI).
“With this funding, we are positioned to expand our clinical programs, including our much-anticipated Phase 1 pediatric trial,” stated Dr. Ray Takigiku, Founder and CEO of Bexion Pharmaceuticals. “We are appreciative of our current and new investors and their belief in the potential of BXQ-350 as a novel approach to the treatment of brain and solid tumors.”
About Bexion Pharmaceuticals
Bexion Pharmaceuticals is a clinical-stage biopharmaceutical company developing BXQ-350, a first-in-class agent composed of the multifunctional, lysosomal activator protein Saposin C and phosphatidylserine. BXQ-350 has demonstrated pre-clinical antitumor effects in vitro and in vivo, particularly in brain and other solid tumors, including those that may lead to brain metastases. Bexion has completed multi-site first-in-human Phase 1 Parts 1 and 2 clinical studies of BXQ-350 for solid tumors and gliomas. A Phase 1 Part 3 expansion phase study is currently enrolling patients.
For more information, visit www.bexionpharma.com.
Media Contact: Margaret van Gilse ●859.446.7386 ● mvangilse@bexionpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that could cause Bexion’s actual results and experience to differ materially from anticipated results and expectations expressed in these forward-looking statements. Bexion has in some cases identified forward-looking statements by using words such as “anticipates,” “believes,” “hopes,” “estimates,” “looks,” “expects,” “plans,” “intends,” “goal,” “potential,” “may,” “suggest,” and similar expressions. Among other factors that could cause actual results to differ materially from those expressed in forward-looking statements are Bexion’s need for, and the availability of, substantial capital in the future to fund its operations and research and development; the fact that Bexion’s compounds may not successfully complete pre-clinical or clinical testing or be granted regulatory approval to be sold and marketed in the United States or elsewhere. You should not place undue reliance on any forward-looking statements. Bexion undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by applicable law or regulation.
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SOURCE Bexion Pharmaceuticals, Inc.
