Coronado completes series of private financings

Coronado Biosciences, Inc., a privately held company engaged in innovative oncology drug development, announced completion of a series of private financings in 2010, resulting in aggregate gross proceeds to the Company of approximately $21.6 million.  The Company intends to use the proceeds from these financings for general corporate purposes, including working capital, and to fund development activities for its lead product candidate, CNDO-109, including the initiation of a Phase 2 clinical trial in the US in patients with advanced acute myelogeous leukemia (AML).  Paramount BioCapital, Inc. acted as lead placement agent for the financings.

CNDO-109 is a biological product based on in-licensed technology that activates natural killer (NK) cells harvested from close relatives of cancer patients or from the patient  for the therapy of a wide-range of difficult to treat blood and solid tumor cancers.

Based on the results of a recently-completed Phase 1 open-label, uncontrolled clinical trial of CNDO-109 therapy in adult AML patients conducted at the Royal Free Hospital in London, the Company intends to file a Investigational New Drug application (IND) with the US Food and Drug Administration and to pursue a multicenter Phase 2 clinical trial for AML patients in the US, which the Company expects to commence in 2011.