Thursday, 17th November 2005 (4878 views)

CytImmune has been handed $5 million in funding to forge ahead with trials of its gold nanoparticle technology, used in the treatment of cancer.

Its technology harnesses colloidal gold nanoparticles, creating safer and more targeted drugs to fight cancer.

CytImmune was awarded $2 million in US federal funds only last year.

The company has now been given an even bigger vote of confidence, as a combination of private investors and Maryland state sources have put up a further $5 million.

CytImmune is convinced the generous sum will significantly aid the development of its patented technology.

"The proceeds from this transaction provide the resources to support the company's R & D programs through 2006 and move towards building a sustainable franchise in tumour-targeted, multifunctional therapies for the treatment of cancer," said Larry Tamarkin, CytImmune's president and CEO.

In early 2006 some of the money will support clinical trials of its Aurimune compound, which harnesses Cytimmune's colloidal gold tumour-targeting platform.

 

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