Gemin X Pharmaceuticals has closed an $8 million Series E round of funding that it will use to prepare for Phase 3 clinical trials of its lung cancer drug.
The Malvern, Pennsylvania-based company is in the midst of a Phase 2b trial of its lead candidate, obatoclax, which is intended for the treatment of extensive-stage small-cell lung cancer. Small-cell lung cancer is considered “extensive-stage” if it’s spread from one lung to other parts of the body, such as the liver or brain.
Small-cell lung cancer accounts for about 15 percent of lung cancer, according to the National Cancer Institute.
It’s unclear when Gemin X will begin its Phase 3 trial, but it’s safe to say it won’t happen this year, a company spokeswoman said.
Gemin X’s latest fundraise brings the total amount of equity it’s brought in to $120 million since the company was founded in 1998, the spokeswoman said. The Series E round was led by Caxton Advantage Life Sciences Fund and Sanderling Venture Partners.
Aside from obatoclax, Gemin X has several other cancer-fighting drugs in its pipeline.
