CancerVax Secures $41 Million in Private Financing.Business Editors/Health/Medical Writers BIOWIRE2K CARLSBAD, Calif.--(BUSINESS WIRE)--Aug. 13, 2003 CancerVax Corporation announced today that it has raised $41 million in a Series C financing through the private placement of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. with existing and new investors. CancerVax intends to use the funds primarily to continue its two ongoing, international, randomized ran·dom·ize tr.v. ran·dom·ized, ran·dom·iz·ing, ran·dom·iz·es To make random in arrangement, especially in order to control the variables in an experiment. , double-blind, placebo-controlled, Phase 3 clinical trials with its specific active immunotherapy active immunotherapy The administration of substances to evoke a protective immune response in the form of specific antibodies. Cf Passive immunotherapy, Vaccine. product candidate, Canvaxin(TM), for the treatment of advanced-stage melanoma. Funds will also be used to expand the Company's programs to develop product candidates using its specific active immunotherapy and anti-angiogenesis technology platforms, and to continue research and development on its human monoclonal antibodies. About CancerVax Corporation (www.cancervax.com) CancerVax Corporation is a privately held biotechnology company focused on the research, development and commercialization of biological products for the treatment and control of cancer. The Company's lead product candidate, Canvaxin(TM), is one of a new class of products being developed in the area of specific active immunotherapy, also known as therapeutic cancer vaccines Cancer vaccines A treatment that uses the patient's immune system to attack cancer cells. Mentioned in: Pancreatic Cancer, Exocrine . Canvaxin(TM) is currently in Phase 3 clinical trials at more than 50 sites worldwide for the treatment of advanced-stage melanoma. The United States Food and Drug Administration United States Food and Drug Administration (FDA), n.pr a unit of the Public Health Service created to protect the health of the nation against impure and unsafe foods, drugs, and cosmetics. has granted CancerVax both Fast Track and Orphan Drug orphan drug, drug developed under the U.S. Orphan Drug Act (1983) to treat a disease that affects fewer than 200,000 people in the United States. The orphan drug law offers tax breaks and a seven-year monopoly on drug sales to induce companies to undertake the designations for Canvaxin(TM) for the treatment of advanced-stage melanoma. CancerVax is finalizing the design of a Phase 2 clinical trial phase 2 clinical trial Phase 2 study. See Phase study. of Canvaxin(TM) in Stage III colon cancer colon cancer, cancer of any part of the colon (often called the large intestine). Colon cancer is the second most common cancer diagnosed in the United States. , and is developing a pipeline of products based on its proprietary specific active immunotherapy and anti-angiogenesis technology platforms, as well as human monoclonal antibodies. The Company has a number of product candidates in research and preclinical development, including a specific active immunotherapy product candidate for lung cancer lung cancer, cancer that originates in the tissues of the lungs. Lung cancer is the leading cause of cancer death in the United States in both men and women. Like other cancers, lung cancer occurs after repeated insults to the genetic material of the cell. and several monoclonal antibodies and peptides that target various solid tumor cancers. CancerVax maintains its corporate headquarters and research and development facility in Carlsbad, California, and its biologics manufacturing facility in Los Angeles, California. CancerVax cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by CancerVax that any of its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in CancerVax's business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects Side effects Effects of a proposed project on other parts of the firm. or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization, or that could result in recalls or product liability claims; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. All forward-looking statements are qualified in their entirety by this cautionary statement and CancerVax undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof. CancerVax(R) and Canvaxin(TM) are trademarks of CancerVax Corporation. |
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