ImaRx Therapeutics Completes $15 Million Private Placement.TUCSON, Ariz. -- ImaRx Therapeutics, Inc., a biopharmaceutical company developing innovative solutions for stroke and vascular disease, today announced the closing of an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , raising approximately $15 million in gross proceeds. The capital will be used for general corporate purposes, to fund product acquisitions, and to advance the clinical trials of the Company's lead products. Evan C. Unger, M.D., F.A.C.R., president and chief executive officer of ImaRx Therapeutics, said, "We believe our portfolio of clot busting product candidates has the potential to dramatically improve the treatment and outlook of stroke victims and those suffering from occluded catheters and peripheral vascular disease Peripheral Vascular Disease Definition Peripheral vascular disease is a narrowing of blood vessels that restricts blood flow. It mostly occurs in the legs, but is sometimes seen in the arms. . This financing allows us to continue with the clinical and regulatory development of these products. I welcome our new investors to ImaRx, and thank them for providing the resources for our dedicated team to realize the long-term potential of our NanoInvasive(TM) technology platform." ImaRx's lead thrombolytic thrombolytic /throm·bo·lyt·ic/ (throm?bo-lit´ik) dissolving or splitting up a thrombus, or an agent that so acts. thrombolytic 1. dissolving or splitting up a thrombus. 2. an agent that dissolves or splits up a thrombus. product is Open-Cath-R(R), a recombinant urokinase urokinase /uro·ki·nase/ (UK) (u?ro-ki´nas) u-plasminogen activator; an enzyme in the urine of humans and other mammals, elaborated by the parenchymal cells of the human kidney and acting as a plasminogen activator. (r-UK) product which has completed two Phase III trials for catheter clearance. The Company is building a development strategy for r-UK for peripheral vascular and cardiac applications such as peripheral arterial occlusive occlusive /oc·clu·sive/ (o-kloo´siv) pertaining to or causing occlusion. oc·clu·sive adj. 1. Occluding or tending to occlude. 2. disease (PAO PAO Peak acid output, see there ), deep vein thrombosis A blood clot (thrombos) in a vein deep within the muscle, typically in the thigh or calf. It is caused by disease or the lack of activity such as sitting for hours at a computer screen. (DVT See deep vein thrombosis. ), pulmonary embolism (PE), and myocardial infarction (MI). In addition to r-UK, the Company has three products in development for the treatment of ischemic stroke. PROLYSE(TM), a recombinant prourokinase (r-proUK) thrombolytic product, has successfully completed a Phase III clinical study (the PROACT PROACT Neurology A clinical trial–Prolyse in Acute Cerebral Thromboembolism II trial). SonoLysis PROLYSE(TM), a product that combines nanobubbles, ultrasound, and thrombolytic therapy is currently being evaluated in a Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II . SonoLysis(TM) is the Company's third product for the treatment of stroke, which utilizes nanobubbles and ultrasound alone, with a Phase II trial planned for Q1 of 2006. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The shares issued in the private placement have not been registered under the Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from registration requirements. About ImaRx Therapeutics ImaRx Therapeutics is utilizing groundbreaking medical technologies to develop products with the potential to revolutionize the treatment of ischemic stroke and vascular disease. ImaRx faces a near-term commercial opportunity in the catheter clearance market, and subsequent and highly significant opportunities in the treatment of ischemic stroke and peripheral vascular indications. The Company's NanoInvasive(TM) therapeutics hold significant advancements over current minimally invasive treatments, and are expected to provide improved patient outcomes, faster recovery times, less pain, shorter hospital stays and lower overall cost of care. ImaRx maintains extensive intellectual property protection for its technology platform that includes over 110 issued US patents and 30 patent applications pending in the US alone. Forward-Looking Statement This release contains forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include results of current or pending research and development activities, actions by the Food and Drug Administration and other regulatory authorities, and the company's success in raising capital. |
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