Navrogen Inc. has raised $3.2M in convertible note financing to support its operations, Humoral Immuno-Oncology (HIO) discovery platform and preclinical therapeutic pipeline activities. The financing was led by Ben Franklin Technology Partners of South Eastern Pennsylvania and a number of private investors.
"Our HIO-factor discovery platforms have enabled us to identify a number of tumor-produced proteins that can suppress a patient's endogenous humoral immune response against cancer cells as well as suppress the therapeutic efficacy of antibody-based drugs," stated Nicholas Nicolaides, Ph.D., CEO at Navrogen. "Importantly, we have been able to leverage these platforms to develop a pipeline of preclinical agents that can overcome their immuno-suppressive effects and are advancing these agents towards clinical trials."
The use of proceeds, in addition to grant funding, will be used to expand Navrogen's HIO-factor library and support preclinical development activities around its therapeutic pipeline.