Dublin, Ireland, March 9, 2015
Inflection Biosciences Ltd, a private company developing highly innovative treatments for cancer, today announced the closing of a second equity fundraising totalling €725,000 from new and existing private investors. The funds will be used to advance the Company’s pipeline of innovative cancer treatments, currently in pre-clinical stages of development.
The equity financing includes conversion of €225,000 previously issued loan notes. The Company announced its first round of financing in June 2013 and brings the total raised to €1.2 million.
Darren Cunningham, Chief Executive Officer of Inflection Biosciences, commented, ‘We are grateful for the support of both our new and existing investors who share in our vision to provide novel treatments for cancer. Their participation in this round reflects the significant potential of our pipeline programs, underpinned by the pre-clinical data generated to date in a range of cancer types.’
The Company recently announced a separate funding collaboration with the Multiple Myeloma Research Foundation in the United States, the world’s number-one private funder of multiple myeloma research.
About Inflection Biosciences Inflection Biosciences Ltd, based in Dublin and London, is developing small molecule therapeutics for the treatment of cancer. The Company's pipeline of highly innovative cancer treatments were licensed from the Spanish National Cancer Research Centre (CNIO). The pipeline comprises IBL-202 (PIM/PI3K inhibitor) and IBL-301 (PIM/PI3K/mTOR inhibitor), selected from a series of unique dual mechanism kinase inhibitors and the IBL-100 series (highly selective pan-PIM kinase inhibitors), currently in pre-clinical stages of development. Data generated to date suggests potential application in a range of haematological malignancies and treatment resistant solid tumours. Inflection Biosciences was named ‘Start-up Company of the Year’ at the 2014 Irish Pharma Awards. For more information please visit www.inflectionbio.com