Hemogenyx Pharmaceuticals PLC (LSE:HEMO, OTC:HOPHF) has secured £709,200 in fresh investment from an institutional backer keen to support its ongoing clinical trials.
The funding, at £1.80 per share, will help advance the company’s experimental cancer treatment, HG-CT-1, which is being tested on patients with a hard-to-treat form of leukaemia called relapsed/refractory acute myeloid leukaemia.
As part of the deal, the investor also gets warrants, giving them the option to buy more shares at £3.50 each in the future.
Hemogenyx treated its first patient with HG-CT-1 in February, and if the results look promising, a second patient will be recruited as soon as possible.
CEO, Dr Vladislav Sandler, said: "We are very pleased with the progress of the clinical trials for our lead product, HG-CT-1.
"We are greatly encouraged by the confidence shown by the backing of the institution and are grateful for their support in advancing our mission to bring innovative treatments to patients with acute myeloid leukemia.
"This investment enables us to take a significant step forward with our HG-CT-1 program, moving further with clinical trials and bringing us closer to providing a new therapeutic option for patients facing this aggressive disease."