NEW YORK (GenomeWeb News) - Prolexys Pharmaceuticals announced today that it has received $20 million in a Preferred Series A1 round, which it will use to advance the clinical development of a molecule that has shown anti-tumor activity.
The funding round was led by Friedli Corporate Finance, whose chairman and CEO, Peter Friedli, is on Prolexys’ board.
Based in Salt Lake City, Prolexys develops small-molecule drugs using its proprietary proteomics technology platform. The company had previously raised $85 million. The funds announced today represent the first round since it moved to drug development from proteomics technology development.
Prolexys is currently conducting a Phase 1 study on PRLX 93936, a small molecule that has shown “potent and selective” anti-tumor activity in disease models representative of colon, lung, pancreatic, and ovarian cancer, several sarcoma subtypes, and multiple myeloma. The study is assessing the safety, pharmacokinetics, and pharmacodynamics of PRLX 93936.
The money will be used to further fund the study. It also will be used to develop back-up molecules to PRLX 93936, said Sudhir Sahasrabudhe, scientific founder and CSO of Prolexys, in a statement.