Biotech firm to raise $2M
The Toronto-based parent company of Worcester’s Antigen Express Inc. has announced a purchase agreement with investors that is expected to help the company raise nearly $2.1 million.
According to Generex Biotechnology Corp., certain institutional investors were able to purchase Thursday 2,075 shares of the company’s non-voting Series F convertible preferred stock for $1,000 each.
The company plans to use the money raised for general corporate purposes, particularly funding clinical and regulatory endeavors, Generex President and CEO Mark Fletcher said in a statement.
Antigen said last month that a Phase II clinical trial of its AE37 breast cancer vaccine was effective at preventing a relapse in nearly 300 patients, matching findings from a 2011 study. The company received permission from the U.S. Food and Drug Administration to continue on to a third phase of testing.
Antigen has also completed a Phase I trial of the drug for patients with prostate cancer, and is considering trials of AE37 for patients with ovarian, colon and lung cancer.
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