|Vancouver, British Columbia – April 12, 2016 – Qu Biologics Inc., a biotechnology company developing Site Specific Immunomodulators (SSIs) that aim to restore the body’s normal immune response, announced it has closed a private financing of CDN$4 million bringing the total private equity capital raised to CDN$23 million to date, including more than CDN$7 million in the last 12 months.
Funds from this private equity financing will be used to continue to expand Qu Biologics’ clinical programs, including the initiation of a randomized, placebo-controlled trial in at least one cancer indication and adding to existing clinical trials in Crohn’s disease and ulcerative colitis. Qu Biologics completed enrollment of its randomized, placebo-controlled study in Crohn’s disease, expects to enroll a second group of participants into its open-label Phase 2 study in patients with ulcerative colitis later this year, and recently completed enrollment of its Phase 1/2 study in patients with recurrent non-small-cell lung cancer (NSCLC). Dr. Hal Gunn, CEO of Qu Biologics commented, “We are grateful for our investors’ support of our immunotherapy approach, as well as their continued confidence in our team. Rather than blocking or stimulating a single pathway, our treatments are designed to restore normal innate immune function. There is growing interest in the role of the innate immune system in chronic disease and as one of the first companies in this important field, we can continue to build upon the broad patent protection we have been granted for our treatments and their applications in cancer and inflammatory diseases.” Qu Biologics’ VP of Finance, E. Russell McAllister, added, “Due to the broad applicability and novel mechanism of action of Qu Biologics’ technology, we continue to be successful in raising capital at a time when the broader markets have been less favorable. Our investors appreciate the value of our innovative approach to immunotherapy and the potential that it holds for improving the health of people living with a wide variety of chronic diseases. The capital from this round will allow us to continue to expand and initiate a number of important clinical and non-clinical programs in 2016. We expect to have full results from our Crohn’s disease clinical study in the third quarter.”