PRINCETON, NJ--(Marketwired - February 22, 2017) - Adgero Biopharmaceuticals Holdings, Inc. ("Adgero" or the "Company"), a privately-held biopharmaceutical company leveraging its late stage photodynamic therapy ("PDT") platform for the treatment of serious oncology indications, announced today that it has received a $2.0 million investment from Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. ("FDZJ"), located in Shanghai, China.
FDZJ is a profitable, publicly-traded biopharmaceutical company principally engaged in the research, development, manufacture and sale of innovative biopharmaceutical products. Along with developing new technologies and products in the fields of genetic engineering and nanoparticle drug delivery, FDZJ has developed a number of PDT therapies including two approved products in China that use second generation photosensitizers.
Frank Pilkiewicz, Ph.D., Chief Executive Officer and Chairman of the Board of Adgero, stated, "This investment is a notable contribution to our efforts in advancing our late stage product candidate, REM-001 Therapy, through clinical development and towards commercialization. We believe this may prove to be an important relationship for Adgero, not only with respect to FDZJ's investment and focus on biopharmaceutical products and specifically PDT, but as well as a possible opportunity to expand our reach into Asia over time."
The net proceeds of the $2.0 million investment will be used to fund the advancement of Adgero's REM-001 Therapy clinical program in cutaneous metastatic breast cancer.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.
Adgero Biopharmaceuticals Holdings, Inc. is a privately-held biopharmaceutical company focused on building a pipeline by advancing its proprietary late stage photodynamic therapy ("PDT") platform with broad utility for the treatment of serious oncology indications. Its lead product candidate, REM-001 Therapy, has been previously studied in four Phase 2 and/or Phase 3 clinical trials in patients with cutaneous metastatic breast cancer ("CMBC"), who had previously received chemotherapy and failed radiation therapy. Use of Adgero's existing data or the completion of a Phase 3 trial in individuals with CMBC could lead to approval of REM-001 Therapy.
For more information, please visit www.AdgeroBiopharm.com.
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