IRX Thera completes $25M stock offering

IRX Therapeutics, a privately-held US company dedicated to the discovery and development of proprietary drugs for the treatment of cancer and viral diseases, says that it has raised $25.0 million through a series A preferred stock offering. To date, the company has raised more than $65.0 million in private financing.

"We are very pleased with the response to our series A preferred financing from existing and new investors," said John Hadden II, chief executive, adding: "with this new funding, we are well positioned to continue the development of our lead product, citoplurikin, and build upon previous clinical trial success."

The new funding will be used to further develop its cancer and viral disease product platform, including IRX-2 (citoplurikin), the company's lead candidate for cancer treatment. IRX is developing an approach that seeks to stimulate a coordinated cellular immune response that can enable a patient's own immune system to fight disease. The overall goal of these programs is to increase survival and improve quality of life for patients. The company has completed a Phase II clinical trial and announced preliminary positive findings at the 26th Annual JP Morgan Healthcare Conference in January. As a result, it is now planning to commence a Phase III study of citoplurikin.