Prolong Pharmaceuticals receives $30 million from private investor group

Prolong Pharmaceuticals today announced that the company has received a commitment of $30 million in funding from a private investor group. The monies will be dedicated to the company's continuing research and development efforts and clinical programs targeting anemias resulting from oxygen deficiency.

"As we move toward the clinic with our SANGUINATE(TM) product we are pleased to receive this level of financing for the next phase of our efforts," said Prolong President Glenn Kazo. "Over the coming months we will be focused on developing sufficient manufacturing capacity to supply our clinical development needs, researching additional indications, and expanding the infrastructure we expect to require as we move forward with SANGUINATE(TM)."  Kazo recently assumed the title of President after consulting in various capacities with Prolong since 2007. He succeeds Prolong founder Dr. Abraham Abuchowski, who remains Chief Executive Officer.