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. This funding round is an addition to the $5 million financing announced in September, 2012, and 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 closed and TSC dosing is complete in all 59 patients who have newly diagnosed primary brain cancer (glioblastoma multiforme or GBM). The trial, conducted at 18 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).
“We’re fortunate to have a high level of interest from patients and clinicians that has allowed us to meet our enrollment goals so quickly”
“We’re fortunate to have a high level of interest from patients and clinicians that has allowed us to meet our enrollment goals so quickly,” said David G. Kalergis, Chief Executive Officer. “The study’s primary endpoints are tumor response and patient survival, and we are looking forward to reaching the one-year survival milestone in the second quarter of 2014.”
Dr. James Larner and Dr. Jason Sheehan of the University of Virginia Medical Center are Study Co-Chairs. Further information about the trial, which has met enrollment and can no longer accept new patients, 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 in process. Diffusion Pharmaceuticals, which is privately held, is located in Charlottesville, Virginia.