IRX Therapeutics, Inc.
IRX Therapeutics, Inc. is a clinical-stage company developing novel immunotherapies focused on reducing the immune suppression that is seen in the cancer tumor microenvironment, restoring immune function, and activating a coordinated immune response against the tumor.
- On 4 May, 2015, IRX announced that it had completed a Series C financing in the amount of $25 million to advance the IRX-2 therapeutic candidate to Phase-2b clinical studies
- In conjunction with the Series C, the Company completed a strategic partnership relating to the option to acquire rights to the Company’s head & neck indication upon the completion of the Phase-2b trial for $425 million
- In conjunction with the enrollment of the Phase-2b trial, the Company completed an offering of Convertible Notes in the amount of $20 million
Significance of the Transaction
The Series C and Notes financings permit the Company to pursue advanced clinical development of it lead therapeutic candidate The option transaction validates the importance of the Company’s science and strategic platform while providing visibility of attractive “exit” pathway upon near-term success.
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