OncoNano Medicine Raises $18.4M in Equity Funding
Summary
The Cancer Prevention and Research Institute of Texas (CPRIT) will convert the sum in grant award funding into an equity investment. This conversion will close OncoNano’s Series B financing round with $68.4m in total committed capital. The company intends to use the funds to support Phase 3 clinical trials in the U.S. and Europe for pegsitacianine, an innovative real-time imaging agent used in intraoperative surgical resection of solid tumors, and accelerate the advancement of its first internal therapeutic development program, ONM-501, a novel immune-therapeutic formulated with its core delivery technology. Led by Martin Driscoll, CEO, OncoNano provides products that exploit pH as a biomarker to diagnose and treat cancer to help patients across the continuum of cancer care and include solid tumor therapeutics, agents for real-time image-guided surgery and a platform of product candidates that activate and guide the body’s immune system to target cancer.