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GenSpera seeking investors
March 31, 2015

By Peggy O'Hare, San Antonio Express-News

A San Antonio biotech company that has been working to develop target-specific cancer drugs is launching an investor relations campaign nationally in a quest to secure more funding.

GenSpera Inc. will look at key investment markets for its funding initiative, including Dallas, Houston, Atlanta, Boston, Chicago, Denver, Los Angeles, San Francisco and Toronto.

The early-stage pharmaceutical company has selected PCG Advisory Group to roll out the investment campaign. PCG officials said they will introduce GenSpera CEO Craig Dionne to brokers and people of high net worth, as well as family office managers and accredited investors with a strong interest in biotech. The campaign will include an extended "investor roadshow," PCG officials said.

GenSpera and PCG would not disclose how much funding they will be seeking during the investment campaign.

GenSpera's lead drug candidate, mipsagargin, is undergoing several Phase II clinical trials in the United States to evaluate its effectiveness in treating solid tumors.

"This (investment campaign) is a big step for the company to go from small-scale trials into (a) much larger scope," Dionne said Monday.

The company is working to develop the drug worldwide, Dionne said.

GenSpera's technology focuses on combining a cytotoxin - a substance derived from plants, which in this case grow in the wild in the Mediterranean region - with a patented, target-specific drug delivery system. In a recent Securities and Exchange Commission filing, the company said it expects mipsagargin will be "therapeutically effective" for a wide range of solid tumors.

At a clinical oncology symposium in San Francisco in January, the company presented the results of its Phase II clinical trial for mipsagargin in liver cancer patients. The trial involving 25 patients found 65 percent of those treated with mipsagargin had no tumor growth two months later.

"That's a huge proof of concept, not just for the lead drug, but for the entire approach," Dionne said.

GenSpera also has began a Phase II clinical trial focused on mipsagargin's effectiveness in treating a glioblastoma brain cancer. That trial is continuing at the University of California San Diego Moores Cancer Center.

The company also expects to begin Phase II clinical trials later this year to evaluate mipsagargin in prostate cancer patients and renal cancer patients. Both trials will be done with the University of Texas Health Science Center in Houston.

In its SEC filing submitted last week, GenSpera noted it has raised nearly $30 million in funding since the company was formed in 2003. The company has recorded an accumulated deficit of more than $39 million since its formation in 2003 up through the end of 2014, the SEC filing shows.

 

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