Scottsdale-based ImmuneRegen Biosciences Inc. has raised $5.5 million to continue development of a drug that could help fight influenza or defend against radiation and anthrax attacks.
The company, which was running out of funding, raised the money with the help of private investors nationwide.
“People had to really dig deep and have faith and say, ‘OK, I think this is the kind of product we can see some real value out of in the long term.’ That’s what made it hard,” Chief Executive Officer Michael Wilhelm told the Arizona Republic of the fund-raising.
ImmuneRegen expects to spend $2 million this year accelerating its work on two main drugs, Viprovex and Radilex.
Viprovex is being developed to fight biological substances like the influenza virus and anthrax bacteria, while Radilex is intended to treat acute radiation exposure.
Armed with the new funding, the company expects to speed up research and file at least one application for an investigational new drug with the U.S. Food and Drug Administration this year.
“Scottsdale drugmaker gets $5.5M infusion,” Arizona Republic, 01/15/2007