Biopharm company BioLogix raised $6 million in first-round equity and debt financing from Essex Woodlands Health Ventures and New Science Ventures. The money will be used to continue development of its top cancer-fighting compound, but a second round is already in the works.
So far the Palo Alto, Calif.-based firm has brought in $40 million. It hopes to take enough in its next fund-raising effort by early 2009 to push the drug into clinial testing, setting the bar at $12 to $17 million, reports VentureWire.
Cocurrently, Dale Pfost was tapped to be chief executive, replacing Thomas Glaze who will still serve as chairman. Pfost left the same post at peer company Opko Health.
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