VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 17, 2014) - Qu Biologics Inc., a biotechnology company developing Site Specific Immunomodulators (SSIs) that aim to restore the body's immune system, announced it has closed an oversubscribed private financing of CDN$5.1 million.
Qu Biologics set a goal to raise CDN$4.5 million. The financing was oversubscribed, raising a total of $5.1 million this round, for a total of CDN$8.2M raised in 2014 to date.
Dr. Hal Gunn, CEO of Qu Biologics commented, "We are very pleased with the high level of interest from new and returning investors, who share our excitement in the potential of Qu Biologics' SSI treatment." Dr. Gunn added, "SSIs represent a new approach to treating cancer and immune-related disease, such as Crohn's disease. Rather than blocking or disrupting a process in the body, SSIs aim to restore the body's normal immune response."
Qu Biologics is currently enrolling participants into a Phase 1/2 placebo-controlled, randomized clinical trial designed to evaluate the safety and efficacy of QBECO SSI in Crohn's disease. The Crohn's disease trial is progressing as planned and primary endpoint results are expected Q2 2015. Qu Biologics is also preparing to initiate a Phase 2a clinical trial of QBKPN SSI in lung cancer later this year and a Phase 2a clinical trial of QBECO SSI in ulcerative colitis in the first half of 2015.
About Qu Biologics
Qu Biologics develops Site Specific Immunomodulators (SSI), a novel class of immunotherapies that aim to restore the body's normal immune response. SSIs are designed to stimulate an immune response in targeted organs or tissues to potentially reverse the chronic inflammation underlying many conditions including cancer and immune-related disease. The company is currently recruiting participants for a Phase 1/2 clinical trial to research SSI therapy for the treatment of Crohn's disease.
Backed by a prestigious group of scientific advisors and board members, Qu Biologics is led by a management team that includes co-founder and CEO Dr. Hal Gunn, a physician and expert on the body's immune response to chronic disease, Chief Medical Officer Dr. Simon Sutcliffe, former CEO of the BC Cancer Agency and a distinguished clinician, scientist and leader in cancer control internationally, and Chief Scientific Officer Dr. David Mullins, Assistant Professor of Microbiology and Immunology in the Norris Cotton Cancer Center at the Geisel School of Medicine at Dartmouth, and recognized expert in immune cell trafficking to tumours. For more information, visit www.qubiologics.com and www.qucrohnstrial.com.