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Inform Genomics Completes $2.6M Private Financing

NEW YORK (GenomeWeb) – Inform Genomics today announced it has raised $2.6 million in a private placement of preferred stock. 

The firm did not say who the participants in the financing were. It said that the proceeds will go toward advancing its lead programs to support cancer care, including OnPart and HSCT/Mucositis; the development of a proprietary analytic platform; and for general corporate uses, including patent filings and working capital. 

OnPart and MSCT/Mucositis are platforms for predicting a patient's risk for developing common chemotherapy-related side effects. 

The capital will also help Inform begin hiring its executive management team, Inform Genomics President and CEO Ed Rubenstein said in a statement. 

The Boston-based company said that the first phase of development of the OnPart technology has been completed. The product has demonstrated the ability to accurately predict a patient's risk for six clinically significant and costly side effects due to chemotherapy regimens. Inform Genomics plans a multicenter study in the US in preparation of a commercial launch. 

The firm also said that the first phase of development of the HSCT/Mucositis platform has demonstrated its ability to predict with high accuracy a patient's risk for developing oral mucositis. A multicenter study in the US is planned ahead of a commercial launch, Inform Genomics said.