CHARLOTTESVILLE, VA – Diffusion Pharmaceuticals LLC, a biotechnology company developing innovative cancer treatments for major unmet medical needs, today announced that it has closed a $5 million private financing. The financing consists of convertible notes issued primarily to existing investors. Proceeds will support the company’s ongoing Phase 2 clinical trial for its lead drug, trans sodium crocetinate (TSC). Enrollment is underway in this clinical trial testing TSC in 59 patients who have been newly diagnosed with primary brain cancer (glioblastoma multiforme or GBM). The trial, conducted at 20 major cancer centers around the country, is evaluating the effect on patient safety and survival when TSC is added to the standard-of-care for GBM (i.e., radiation and chemotherapy).
“Enrollment of patients in our clinical trial of TSC is actually ahead of schedule”
“Enrollment of patients in our clinical trial of TSC is actually ahead of schedule,” said David G. Kalergis, Chief Executive Officer. “This financing will help ensure the trial’s continued timely execution, with full enrollment expected in the first quarter of 2013.”
Dr. James Larner and Dr. Jason Sheehan of the University of Virginia Medical Center are Study Co-Chairs for this trial. A listing of all trial sites, including contact information, may be viewed online at http://clinicaltrials.gov/ct2/show/NCT01465347?term=tsc&rank=4
About Diffusion Pharmaceuticals
Diffusion Pharmaceuticals is a clinical-stage company developing first-in-class drugs which target the numerous unmet medical needs characterized by oxygen deprivation (hypoxia) at the cellular level. These proprietary small molecules work by a novel mechanism of action that helps regulate the diffusion of oxygen selectively to hypoxic tissue. Potential breakthrough clinical applications include oncology, cardiovascular diseases, stroke and respiratory disorders. Diffusion’s lead program is the use of TSC in the treatment of solid cancerous tumors. Published studies demonstrate a tripling of survival and superior tumor control when TSC is combined with radiation and chemotherapy in animal models of primary brain cancer. A phase 2 clinical study of TSC dosed concomitantly with radiation and chemotherapy in newly diagnosed GBM patients is currently enrolling patients. Diffusion Pharmaceuticals, which is privately held, is located in Charlottesville, Virginia.