Nano drug delivery company raises $10 million

Oct. 26, 2006 — Arrowhead Research Corp. of Pasadena, Calif., announced that its majority-owned subsidiary, Insert Therapeutics Inc., has completed a $10 million private placement with a group of investors, including a $5 million follow-on investment by Arrowhead. The other investors were not named.

The fundraising is intended to help Insert push forward its two most important strategic initiatives: the clinical work on IT-101, its lead anti-cancer drug candidate now in Phase I trials at the City of Hope medical center, and the further development of additional therapeutic candidates in the pipeline, according to statements by John Petrovich, the company’s president.

Insert Therapeuticsis using its nano-engineered, polymeric delivery system, Cyclosert, to design, develop and commercialize drug-delivery-enhanced small-molecule therapeutics and nucleic acids. Cyclosert uses cyclodextrins as building blocks to create a new class of biocompatible materials — linear cyclodextrin-containing polymers that are nontoxic and nonimmunogenic at therapeutic doses.


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