Corbus Pharmaceuticals Completes $10.3 Million Private Placement
Company Plans Phase 2 Clinical Trials of its Lead Product Resunab™ in Cystic Fibrosis and Diffuse Scleroderma in 2015
Norwood, MA - June 3, 2014 - Corbus Pharmaceuticals Holdings, Inc., an emerging drug development company focused on the development and commercialization of its lead product candidate, Resunab™, for the treatment of rare ("orphan") life-threatening inflammatory diseases, announced today the closing of a $10.3 million private placement equity financing. SternAegis Ventures, through Aegis Capital Corp., acted as the exclusive Placement Agent for this Offering.
Dr. Yuval Cohen, Chief Executive Officer of Corbus Pharmaceuticals, stated, "We are delighted with the outcome of this financing. This represents a major step forward for Corbus and allows us to implement our vision of becoming a specialty pharmaceutical company focusing on therapies for rare, life-threatening inflammatory diseases."
The proceeds of the private placement will be used to fund the advancement of Resunab into first-in-patient Phase 2a clinical trials in cystic fibrosis and diffuse scleroderma, two life- threatening orphan chronic inflammatory diseases with high unmet therapeutic needs. Pursuant to the terms of the offering, Corbus has agreed to register for resale the shares of common stock and the shares of common stock underlying the warrants sold in the private placement with the Securities and Exchange Commission and will become a public reporting company following such registration.
Dr. Mark Tepper, the Company's Chief Scientific Officer, added, "Corbus has a highly experienced team in place with strong pharmaceutical development and commercialization expertise and a proven track record of developing drugs in our core fields of interest. Moving forward, our priority is the execution of our clinical development strategy. We believe that Resunab has the potential to make a significant difference in the lives of patients suffering from these diseases."
Resunab is a novel synthetic oral drug with unique anti-inflammatory and anti-fibrotic activity. Pre-clinical and Phase 1 studies have shown Resunab to have an excellent safety profile in humans and promising potency. Resunab binds to the CB2 receptor of immune cells and triggers a process known as "inflammatory resolution", in effect turning chronic inflammation "off."
About Corbus Pharmaceuticals
Corbus Pharmaceuticals is a clinical stage biopharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare ("orphan"), life-threatening inflammatory-fibrotic diseases with clear unmet medical needs. Our lead product Resunab is a novel oral anti-inflammatory drug scheduled to commence Phase 2a clinical trials for the treatment of cystic fibrosis and diffuse scleroderma in 2015. For more information, please visit www.CorbusPharma.com.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including the possibility of unfavorable results from studies and clinical trials involving Resunab or other product candidates. Corbus Pharmaceuticals Holdings, Inc. also faces risks related to its ability to enroll patients in studies and may need to modify or delay these studies. As a result, Resunab may never be successfully commercialized. These risks, uncertainties and other factors could cause actual results to differ materially from those referred to in the forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. All forward-looking statements are based on information currently available to Corbus Pharmaceuticals Holdings, Inc. and the Company assumes no obligation to update any such forward-looking statements.
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Released June 3, 2014