ONCOLIX, INC. Announces Capital Raise of $4.2 Million
HOUSTON, Jan. 27, 2015 /PRNewswire/
ONCOLIX, INC., announced today that it has completed a Series A round of financing, led by PoC Capital, LLC and Integrium Clinical Research, LLC. Also participating in the finance round was the Texas Emerging Technology Fund and certain healthcare-focused investors, representing gross proceeds to ONCOLIX of approximately $4.2 million. ONCOLIX plans to use the net proceeds from the offering to fund activities relating to its drug candidate, ProlantaTM, for a Phase I dose-escalation clinical trial for the treatment of ovarian cancer.
ONCOLIX is a privately-held, clinical-stage biotechnology company focused on the development of ProlantaTM to treat cancer. The FDA has cleared the Company's Investigational New Drug Application (IND) for a Phase I clinical trial for the treatment of ovarian cancer. This trial is expected to commence in 2015.
ProlantaTM is a therapeutic protein with a novel mechanism of action called autophagy, or autophagocytosis. ProlantaTM targets human prolactin, which is implicated in proliferation of cancer cells, and has the potential to treat ovarian, breast, prostate and other solid tumor cancers. Prolanta's mechanism of action was described in a publication (Cell Reports) in April, 2014, written by scientists at The University of Texas MD Anderson Cancer Center. "Prolactin is a potent growth factor for many types of cancers, including ovarian cancer," said senior author Anil Sood, M.D., professor of Gynecologic Oncology. "When we block prolactin signaling, it sets off a chain of downstream events that result in cell death by autophagy."
More information can be found on the Company's web site at www.oncolixbio.com.
Oncolix, Inc. Michael Redman, CEO firstname.lastname@example.org 281-402-3167
SOURCE: ONCOLIX, INC.