Kalamazoo-based biopharmaceutical company secures funding from West Michigan investors, MEDC

ProNAi Therapeutics Inc., a privately-held biopharmaceutical company based in Kalamazoo, has secured financing to advance Phase I clinical studies of a cancer drug.

ProNAi raised the capital from a group of Michigan investors, including Kalamazoo-based Apjohn Ventures, West Michigan angel investing group Grand Angels, and the Michigan Economic Development Corp. A total of $750,000 has been invested so far, with
rolling closes continuing through the remainder of the year, the company reported today.

“This investment was critical for ProNAi to advance the development of this novel cancer treatment," ProNAi COO Robert Forgey said in a prepared statement. "Given the serious nature of the disease, as many new compounds as possible need to be responsibly tested for clinical efficacy. The preclinical data has been very compelling, and we hope to see patient benefit as we move into later-stage development.”

Grand Angels' members have invested in all three rounds of ProNAi financings.

“Those investments reflect the confidence our members have in the skill and passion of Bob Forgey and his team, and the potential they see for the drug candidate to significantly improve the treatment outcomes for certain cancers,” Grand Angels President Jody Vanderwel said in ProNAi's announcement.

The cancer drug, PNT2258, represents ProNAi’s first drug candidate. PNT2258 is under development for treatment of malignant solid tumors and lymphomas.

ProNAi received approval from the US FDA Oncology Division in March 2008 for its Investigational New Drug application for initiation of clinical development of its lead drug PNT2258. This accomplishment provides validation by the FDA that the efficacy and safety of PNT2258 in preclinical models supports testing in cancer patients. Furthermore, ProNAi has cGMP‑compliant clinical drug supplies on hand, and the clinical trial site will begin to conduct the Phase 1a human protocol.

ProNAi is actively seeking venture capital investment to clinically develop its first drug, PNT2258.

Date: July 26, 2010
Source: Business Review Western Michigan

View Main Newsroom

Send to a friend | Print Story | Subscribe to RSS feed