Pharminox given funding injection
Nottingham-based Pharminox has been given a £1.5m cash boost after completing its latest funding round.
The cancer drug development company said it would use the investment to grow its portfolio of new therapeutic remedies.
The funding was raised by existing shareholders and new private investors.
Pharminox's lead programme, PMX 500, aims to identify small molecule drugs that selectively target the telomeres of cancer cells. The company said it would focus some of the funding on the further develoment of the programme.
Peter Worrall, chief executive of Pharminox, said: "We have been very gratified by the interest shown by investors in our technology and our vision for the company.
"The new funding will enable us to maintain the momentum on our research and development pipeline, and in particular to progress our two lead programmes towards preclinical candidate selection over the next few months, with a view to out-licensing these within the next 12 to 18 months."
Pharminox was advised on the funding round by Nash Fitzwilliams.
