Financing Round For AEterna To Extend Study
Canadian biotechnology company Laboratoires AEterna has concluded aC$10 million ($7.3 million) financing round through the issuance of 800,000 special warrants. The firm expects net proceeds to be around C$9 million, which will be used to finance clinical research into its shark cartilage-based product Neovastat, previously code-named AE-941 (Marketletters passim), which is being developed as a palliative treatment in advanced or metastatic cancers that are resistant to available therapies.
As a result of the financing, AEterna intends to extend to the USA its Phase I/II study, which was to take place only in Canada. A Phase III study will be carried out in Canada on all types of solid-tumor cancers that are refractory to available therapies. The primary objective is to assess the quality of survival of hundreds of terminally-ill patients.
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