IRX Therapeutics raises $8M to further develop pipeline of cancer vaccine candidates

IRX Therapeutics, a developer of novel immunomodulators to treat cancer and viral diseases, today announced that it has raised $8 million through a note offering to existing shareholders. The new funding will be used to further develop its pipeline of cancer vaccine candidates, including its lead product, IRX-2. IRX Therapeutics has now raised a total of more than $80 million in private financing.

“I am delighted to join the IRX Board of Directors. We are impressed with the progress made in the clinical development of IRX-2, the lead product to treat head and neck cancer, and look forward to seeing continued progress in the future.”

IRX Therapeutics also announced that John D. Halpern and George P. Denny III have joined its Board of Directors, expanding the Board to nine members. Mr. Halpern and Mr. Denny are founders of Halpern, Denny & Co., a Boston based private equity firm.

"It is an exciting time at IRX as we move forward with the clinical testing of IRX-2, which continues to demonstrate its promise as a next-generation immunomodulator in combination therapies for cancer and viral indications," said John W. Hadden II, President and Chief Executive Officer. "We have made significant progress in recent months, including our collaboration with the National Cancer Research Center in Japan to further study IRX-2, as well as other research and clinical collaborations under development. Now we welcome Mr. Halpern and Mr. Denny, who both are excellent additions to our Board of Directors."

Mr. Denny commented, "I am delighted to join the IRX Board of Directors. We are impressed with the progress made in the clinical development of IRX-2, the lead product to treat head and neck cancer, and look forward to seeing continued progress in the future."