Diffusion Pharma breathes in $7.1M

January 29th, 2010

CHARLOTTESVILLE, VA – Diffusion Pharmaceuticals, a clinical-stage drug-development company commercializing first-in-class drugs to treat serious or life-threatening unmet medical conditions, has closed on $5.9 million in additional private financing during the second half of 2009, bringing the total the company raised in 2009 to $7.1 million.

The financing was a combination of private equity and convertible notes to existing investors. We reported part of this raise in August last year.

The company is testing treatments to diffuse oxygen to tissue deprived of it.

Potential clinical applications include cancer, critical care uses such as trauma, hemorrhage, stroke, and heart attack, as well as chronic conditions such as peripheral arterial and vascular disease, cardiovascular disease, and respiratory disorders.

Since its founding, Diffusion Pharmaceuticals has raised a total of $21.7 million to date including $19.1 million in private funds, and $2.6 million in Department of Defense research and development contracts.

Proceeds from this financing will support the company’s ongoing operations, including completion of a Phase I/II clinical trial in peripheral arterial disease (PAD) patients for its lead drug compound, trans sodium crocetinate.

Previously on TechJournal South: Diffusion Pharmaceuticals aims to transform the future of medicine.

Online: www.diffusionpharma.com

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