A first close of $212,000 was initiated by PNP Therapeutics on its fundraising effort started this month. 38% of the $565,000 non-brokered equity and warrant offering was placed with six investors. The private placement will remain open for a year while an additional $353,000 is raised by the company. Previous private placements initiated by the company raised an estimated $2.8 million. The company is backed by Birmingham Technology Fund a fund managed by Greer Capital and Vulcan Medical Ventures.
PNP Therapeutics is a clinical-stage, biopharmaceutical company engaged in the development and commercialization of a platform technology and proprietary products for the treatment of cancer. At the center of PNP’s Therapeutic system is a patented enzyme (E. coli purine nucleoside phosphorylase) that has been shown to work with a variety of well-characterized nucleoside prodrugs generating active metabolites with high levels of anti-tumor activity. In other words, the treatment aims at triggering solid tumors to develop their own chemotherapy and thus elicit their own self-destruction. The company’s technology is based on patents owned by the University of Alabama at Birmingham Research Foundation and the Southern Research Institute of Birmingham.
The company, headquartered in Birmingham AL, is led by William B. Parker (President). PNP Therapeutics elected not to disclose its revenues.
The executive team includes William B. Parker. The board of directors includes John C. Lankford, Charles K. Porter, Lawrence W. Greer, James F. Fuqua and Claude Bennett.
Status: First close
Company: Pnp Therapeutics Inc
Amount offered: $565,000
Amount placed: $212,000