Date: Jan 26, 2010 Source: PR Newswire (
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CRANBURY, N.J., Jan. 26 /PRNewswire/ -- Cornerstone Pharmaceuticals Inc., a privately held, clinical stage oncology-focused pharmaceutical company, has announced the closing of its Series B-4 private equity financing of $6,175,000. The Company plans to use the proceeds for its on-going phase I/II clinical trials of its lead cancer drug--CPI-613, research and development, and general corporate purposes.
"We are very pleased to begin 2010 by announcing this solid infusion of new capital for the sustained growth and development of our business, particularly the expansion of the clinical trials of our CPI-613 product," commented Dr. Robert Shorr, CEO for Cornerstone Pharmaceuticals.
CPI-613 is the lead compound to emerge from Cornerstone's Altered Energy Metabolism Directed (AEMD) technology platform. AEMD is the first in class small molecule discovery and development platform targeting cancer cell metabolism. CPI-613 is being used as a single agent and in combination with gemcitabine, a standard chemotherapeutic for the treatment of pancreatic and other cancers. CPI-613 has been granted orphan drug status by the US FDA for pancreatic cancer, which often goes undetected in its early stages and spreads rapidly, typically resulting in poor prognosis.
C.W. Downer acted as placement agent for the financing with Althea Partners leading the investment. "C.W. Downer is thrilled to have assisted Cornerstone Pharmaceuticals, Inc. in raising capital to fund its highly promising cancer program," notes Ruta Laukien, Director at C.W. Downer. Laukien added, "We believe that targeting cancer metabolism is the most promising area for the development of cancer therapeutics and Cornerstone is a leader in that field."
About Cornerstone Pharmaceuticals
Cornerstone Pharmaceuticals, Inc. is a privately held pharmaceutical company singularly focused on the discovery and development of innovative cancer therapies that exploit the metabolic pathways that are common to different cancer types but different from normal cells and tissues. This unique approach, i.e. understanding and addressing what is similar to multiple cancer types rather than the differences between each, offers a significant opportunity to make a profound impact on the clinical treatment of a variety of cancers.
Cornerstone's AEMD technology platform was established on cancer metabolism research performed in the laboratories of Paul M. Bingham, Ph.D. and Zuzana Zachar, Ph.D., at the State University of New York at Stony Brook, Stony Brook, NY.
Cornerstone has offices and laboratory facilities in both Cranbury, NJ. and Stony Brook, NY. For further information, visit http://www.cornerstonepharma.com. To arrange an interview with Cornerstone Pharmaceuticals CEO Dr. Robert Shorr please call (212) 843-8073 or email firstname.lastname@example.org.
About C.W. Downer & Co.
C.W. Downer & Co. is an independent, global investment bank offering middle-market clients a high level of personal attention coupled with more than 30 years of international execution experience. C.W. Downer provides insight, not just information; it generates value, not just transactions. With offices in six countries and on four continents, the firm consistently identifies the most appropriate strategic buyer and uncovers "hidden" acquisition targets. C.W. Downer & Co. delivers the reach of a bulge-bracket investment bank with the senior level focus of a boutique. For more information, visit www.cwdowner.com.
The securities described above were sold by the Company in private placements and were not registered under the Securities Act of 1933, as amended (the "Securities Act"). The securities were sold in reliance upon exemptions from the registration requirements of the Securities Act pursuant to Regulation D promulgated under the Securities Act. Therefore, the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and any applicable state securities laws. This press release does not constitute an offer to sell any securities or a solicitation of an offer to purchase any securities.