Phosplatin Therapeutics completes USD18.4m private financing round

Phosplatin Therapeutics, a clinical stage pharmaceutical company focused on oncology therapeutics, has completed an oversubscribed USD18.4 million private financing round. 

Participation included new and existing investors, inclusive of family offices from the US, Europe and Asia-Pacific, and high net worth individuals.

Robert Fallon, President and Chief Executive Officer of Phosplatin Therapeutics, says: "The success of the financing underscores the breadth of our data from three different Phase I trials and the broad potential of our lead compound, PT-112, which is advancing through clinical development as a monotherapy, including in mCRPC and multiple myeloma, and in combination with PD-L1 immune checkpoint inhibition. We plan to utilise the proceeds of this capital raise to complete Phase 2 development of PT-112, and our continued planning prior to launching intended pivotal trials."

Phosplatin Therapeutics has raised USD56 million in equity capital since inception, and receives milestone fees from its sub-licensee for Greater China.