Phoenix Biotechnology Secures $4.12M Funding to Advance Oncology Therapeutics and Submits Prospectus

VCBeat (WeChat Official Account: vcbeat) learned via Business Wire that on December 11, 2019, local time, U.S. biotechnology company Phoenix Biotechnology (“Phoenix”) announced the placement of 1.3734 million shares of common stock, completing a $4.1202 million financing round.

It is reported that the net proceeds from this offering will be used for Phoenix’s general corporate purposes, including funding its ongoing research at The University of Texas MD Anderson Cancer Center, the University of Nebraska, and the University of L’Aquila (Italy); pursuing patent applications to expand Phoenix’s patent portfolio in the United States and internationally; and covering Phoenix’s administrative expenses.

Phoenix, a leading biotechnology company in the industry, was founded in 2003 and is headquartered in San Antonio, Texas, USA. The company is dedicated to the research and development of anti-cancer drugs and treatment regimens. Its developed products enable physicians to treat cancer as a chronic disease rather than an acute condition. Currently, Phoenix is striving to develop targeted cancer therapies that provide maximum efficacy for patients while sparing healthy cells.

Phoenix primarily focuses on the research and development of drugs for three categories of diseases: cancer, neurodegenerative diseases, and viral diseases. In recent years, targeted therapy has become a focal treatment approach in the medical community for oncological conditions. Phoenix aims to develop drugs with minimal or no side effects for the targeted treatment of malignant tumors. PBI-05204, a drug previously developed by Phoenix, is a prime example of such an innovation.

PBI-05204 has undergone extensive preclinical testing and completed Phase I clinical trials in cancer patients, as well as Phase II trials in patients with advanced pancreatic cancer, at The University of Texas MD Anderson Cancer Center. Relevant studies by Phoenix Biotechnology have demonstrated that PBI-05204 exhibits therapeutic efficacy against previously difficult-to-treat cancers, such as melanoma, prostate cancer, and breast cancer, as well as certain hematologic malignancies. Furthermore, PBI-05204 is being applied to the treatment of Alzheimer’s disease, a neurodegenerative disorder. Reportedly, another flagship product from Phoenix Biotechnology, PBI-04711, also demonstrates this therapeutic effect.

Dr. Robert A. Newman, President and Chief Scientific Officer of Phoenix Biotechnology, stated, “We are delighted to secure substantial funding that will enable the continuation of our research efforts. Our lead investigational drug for glioblastoma holds significant commercial potential in the market. Furthermore, we take pride in our recently launched novel therapeutic, which demonstrates efficacy against the human T-lymphotropic virus type 1 (HTLV-1), a pathogen that infects millions of individuals and severely compromises their quality of life. All our endeavors are aimed at bringing hope to patients suffering from serious diseases, and the capital recently raised will help us sustain this critical mission.”

(Compiled by Wang Fang)