Telormedix announced that it has raised $7.8 million from existing investors Aravis Venture and Proquest Investments.
The money raised in the financing round will be used to further advance Telormedix’s product candidates through preclinical and clinical trials. TMX-101, the company’s lead product, is in a Phase 1/2 clinical trial for the treatment of non-muscle invasive bladder cancer. In addition, the company achieved pre-clinical results in October 2011 for TMX-202, a compound developed for the safe and effective topical treatment of skin cancer. Telormedix also plans to use the funds to support the development of additional promising molecules.
Release Date: Jan. 10, 2012