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Posted: October 10, 2007
Genetic Immunity Closes $2 Million Dollar Bridge Financing
(Nanowerk News) Genetic Immunity LLC, a clinical stage biopharmaceutical company and a leader in the development of DNA based nanoparticle immunotherapies, announced today the completion of a $2 million dollar bridge financing.
Genetic Immunity’s lead product is DermaVir Patch developed for the treatment of HIV/AIDS. The Company believes that this biopharmaceutical product will reconstitute HIV-specific immunity and reduce the viral load set-point in HIV-infected individuals enabling them to manage the disease safely prior to the initiation of the currently approved drug regimes. DermaVir Patch applies the Company’s patented platform technology to efficiently deliver the nanoparticle medicine topically (needle free) to dendritic cells for transport to the draining lymph nodes where T cells are educated to kill the virus. The product has been demonstrated as safe and effective in reducing viral loads in monkey studies. A Phase I clinical trial has demonstrated safety and immunogenicity of DermaVir Patch in HIV-infected individuals. NIH and Karolinska Institute sponsored Phase II trials are ongoing in the U.S. and Sweden.
The Company also announced the engagement of the New York based investment firm of Rodman & Renshaw, LLC as its financial advisor.
“We are pleased to have secured the bridge financing which will enable the Company to launch an additional Phase II trial to demonstrate the proof of concept of DermaVir Patch in reducing the viral load in HIV positive individuals,” said Dr. Julianna Lisziewicz, President and CEO of Genetic Immunity. “We are also very excited to be working with such a well regarded and respected firm as Rodman & Renshaw to assist the Company to develop the financial strategies for completing our clinical trials and bringing DermaVir Patch to the market.”
About Genetic Immunity
Genetic Immunity is a U.S. - Hungarian clinical stage biopharmaceutical company focusing on the development and commercialization of its patented immunotherapeutic platform technology which addresses unmet medical needs for chronic diseases such as HIV/AIDS and allergies. Since its founding in 1998, the Company has pursued its goal of being the first company to bring an in vivo immunotherapeutic product to the market to treat one of the world’s deadliest disease – HIV/AIDS. The Company intends to be the leader in developing immunotherapies for the burgeoning industry of molecular medicine.
About Rodman & Renshaw
Rodman & Renshaw is a full service investment bank dedicated to providing investment banking services to companies that have significant recurring capital needs due to their growth and development strategies, along with research and sales and trading services to institutional investor clients that focus on such companies. Through its AcumenBioFin™ division, Rodman is a leading investment banking firm to the biotechnology sector, a capital intensive market segment, as well as a leader in the PIPE (private investment in public equity) and RD (registered direct placements) transaction markets.