By E. Janene Geiss
Philadelphia, Oct. 19 - ProNAi Therapeutics said Wednesday that is raised $2.5 million in a series A financing round and another $1.75 million in the form of a convertible note.
The series A financing round included participation of three early-stage Michigan investment firms, Biosciences Research Commercialization Center at Western Michigan University, Apjohn Ventures and the Grand Angles.
The convertible note was financed by the State of Michigan's Technology Tri-Corridor.
According to a company press release, the funds will be used to advance the company's initial development efforts in cancer therapies. ProNAi has six product candidates that have the potential to treat multiple cancers, including non-Hodgkin's lymphoma, prostate, breast and colon cancers.
The company said it also will use the proceeds to accelerate a number of drug discovery programs in oncology and other diseases, continue preclinical development of existing drug candidates and secure drug manufacturing capabilities.
"We are delighted to have the support of an esteemed group of investors from the Michigan area who share our view on the immense potential of ProNAi's DNA-related therapeutic approach," Robert Forgey, ProNAi's chief operating officer, said in the release.
ProNAi is a Kalamazoo, Mich.-based private biopharmaceutical company using a novel and proprietary nucleic acid-based interfering technology called DNAi to advance therapies to treat cancer.
| Issuer: | ProNAi Therapeutics, Inc.
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| Amount: | $4.25 million
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| Announcement date: | Oct. 19
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| Series A
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| Issue: | Series A, second round
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| Amount: | $2.5 million
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| Investors: | Biosciences Research Commercialization Center, Apjohn Ventures, the Grand Angles
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| Convertible note
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| Issue: | Convertible note
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| Amount: | $1.75 million
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| Investors: | State of Michigan's Technology Tri-Corridor
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