Aminex Therapeutics, Inc., is a drug development company focused on discovery and development of a unique cancer drug therapy in the general category of cancer immunotherapies known as checkpoint inhibitors. Aminex’s novel cancer immunotherapy drug, AMX-513, enables the body’s immune system to attack and clear cancer and its ability to spread. AMX-513 negates two major immune system suppressors…polyamines and myeloid-derived suppressor cells (MDSCs).
Aminex has operated with angel funding since its founding in 2009. In mid-2015 the company completed a successful private Series A financing round, raising more than $4 million. This amount was programmed to complete all remaining FDA preclinical requirements for AMX-513 human clinical trials. The final preclinical task, submittal of an Independent New Drug (IND) application to the FDA, is scheduled in October 2016.
In mid-2016, Aminex opened a convertible note financing round of up to $3 million. These proceeds will be used to fund human clinical trial preparations and initial trial work, such as production of the oral drugs required for the trial and hiring the contract research organization (CRO) to manage the clinical trial, select the trial sites and recruit patients. These Notes will also fund the first months of human trials.
In early 2017 Aminex will launch a priced Series B round which will fund the remainder of the Phase 1/2A trial period to be completed in 2018. This will require an estimated additional $6 million in the Series B round. The 2016 Notes will be converted into the Series B preferred stock at a discount.
The final schedule and size for the Series B offering will be established by December as Aminex works with the CRO to develop the clinical trial detailed budgets and schedules through Phase 1/2A.
An extensive array of animal data supports the likelihood that AMX-513 should be effective in human cancer clinical trials. Initial signals of efficacy in cancer patients with solid tumors could be observed as early as the Fall 2017. Our vision is for AMX-513 to be a transformational drug therapy, for use alone or in combination with other immunotherapy treatments.
Cancer survival longevity remains unacceptably low, and treatment costs have been growing rapidly. Aminex’s goal, with efficacious and inexpensive small molecule drugs, is to substantially improve these trends.