24 Mar 2010   |   News

Agennix raises €9.8M in a private placing


Placing

Agennix AG has raised approximately € 9.8 million in a private placement with existing shareholders, selling 1,870,523 shares at € 5.22 per share. The newly issued shares represent 9.1 per cent of total shares outstanding after the transaction.

“This private placement is the first part of our plan to re-finance the company this year. We are pleased with the enthusiasm expressed by current shareholders for our talactoferrin development programme,” said Torsten Hombeck, Chief Financial Officer.

“The funds we have raised will enable us to continue full-scale enrollment in the Phase III FORTIS-M trial in non-small cell lung cancer and to prepare for meetings with regulatory authorities to discuss the next steps following the positive Phase III trial of talactoferrin in severe sepsis.”

Agennix intends to use the proceeds of this private placement to continue the development of talactoferrin and to fund ongoing operations. Talactoferrin, an oral targeted therapy, has demonstrated activity in Phase II studies in non-small cell lung cancer and in severe sepsis. The product is currently in Phase III clinical trials in non-small cell lung cancer.

The company’s other programmes include RGB-286638, a multi-targeted kinase inhibitor in Phase I; the oral platinum-based compound satraplatin; and a topical gel form of talactoferrin for diabetic foot ulcers.

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