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CombiMatrix to Invest $4M in Cancer Drug Company Leuchemix

NEW YORK, Oct. 4 (GenomeWeb News) - CombiMatrix will take a 33 percent stake in cancer drug discovery firm Leuchemix, it parent company Acacia Research said today.

 

In exchange for equity ownership in the form of preferred stock, CombiMatrix will pay Leuchemix a total of $4 million in quarterly installments over the next two years.

 

Leuchemix is developing a series of small molecules that have shown efficacy against various leukemias and solid tumors in animal models. The company plans to file its first investigational new drug application in 2005.

The Scan

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