Nerx Biosciences targets $2.2m

Nerx Biosciences, a US-based cancer treatment developer based on research at Indiana University, is raising $2.2m in a bridge round with a $500,000 from the institution’s Philanthropic Venture Fund.
Other investors in the round have not been named.
Founded in 2009, Nerx Biosciences is working on therapies for common but difficult-to-treat cancer indications, including lung and ovarian cancers.
The company commercialises research by co-founder and chief scientific officer John Turchi, the Tom and Julie Wood Family Foundation professor of lung cancer research and a professor of medicine in the School of Medicine and Simon Cancer Center.
The bridge round will enable Nerx Biosciences to drive further development of its lead asset and move towards an investigational new drug application with US regulator the Food and Drug Administration.
Nerx Biosciences previously received $250,000 in seed funding from CTM Investments, according to its website, though it did not indicate when the money was raised.
Teri Willey, manager of the IU Philanthropic Venture Fund, said: “Nerx is developing small molecules for cancers that do not respond to current approaches, including immune therapy.
“The company is now in position to expand its team to address the risks in clinical development and corporate partnering, and we are glad to be supporting them in doing so.”