Biopharmaceutical company Tetherex Pharmaceuticals Inc revealed on Wednesday the completion of a USD50m private placement of Series B preferred stock.
The funding was led by MPM Capital and a group of Oklahoma-based investors including Dr Philip Jones, a member of the Tetherex Board of Directors.
According to the company, the proceeds will be used to conduct a Phase 2 clinical trial evaluating its potential, first-in-class P-Selectin Glycoprotein Ligand-1 (PSGL-1) inhibitor candidate, SelK2, in the treatment of venous thromboembolism (VTE) in patients undergoing total knee replacement surgery; as well as to conduct a second Phase 2 trial evaluating SelK2 in Crohn's disease or other inflammatory indication.
SelK2 is a humanised monoclonal antibody that binds PSGL-1 and blocks its interactions with both the selectin family of molecules and chemokines involved in exaggerated and destructive inflammatory responses in thromboembolic and inflammatory diseases, concluded the company.
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