Picoplatin And Research Funding

[RandyW]

Biotechnology company NeoRx announced yesterday that it had agreed a £37 million deal with private investors that will help fund research into cancer treatments.

Money from the deal is expected to go towards continuing the company's picoplatin development programme.

Picoplatin is a platinum-based cancer therapy that is designed to overcome platinum resistance in the treatment of solid tumours.

The programme has already had success in reducing tumour activity in ovarian, lung and prostate cancers and further clinical trails are currently underway.

Jerry McMahon, chairman and chief executive of the company, said he hopes the deal will help provide a more effective and safer therapy than approved chemotherapy drugs.

The financing "would allow us to continue to support and expand clinical development of picoplatin", Mr McMahon said.

MPM Capital led the deal, with other investors including Bay City Capital and Deerfield Management.