Press Releases
Light Sciences Oncology Completes $30 Million Series B Private Financing
Mezzanine Round Backs New Phase II and Phase III Clinical Trials and Further Litx R&D
Seattle, WA – July 10, 2007
Light Sciences Oncology, Inc. (LSO) today announced the closing of its latest round of funding, $30 million of its Series B preferred Stock. LSO is developing Light Infusion Therapy (Litx™) to provide safer and more effective treatment to cancer patients.
The Series B Preferred Stock financing is the second round of institutional financing for Light Sciences Oncology. The company raised $67 million in its first round of financing completed in December 2005.
LSO will use the funds to continue clinical development of Litx, including two ongoing pivotal Phase III clinical trials in patients with hepatocellular carcinoma (HCC), initiated in August 2006, and colorectal cancer metastatic to the liver (MCRC), initiated in July 2007. It will also use the funds to continue a Phase II trial of Litx in patients with brain cancer and to initiate a Phase I study in patients with benign prostatic hyperplasia (BPH).
LSO sees the success of its latest funding round as a strong endorsement of its technology, development plans, and organization. “This latest funding marks LSO’s clear progress in late-stage clinical oncology development,” says President and CEO Llew Keltner, M.D., Ph.D. “We are very pleased to welcome our Series B investors as supporters of Litx as we move toward making the therapy available to patients with solid tumors.”
About Light Sciences Oncology
Light Sciences Oncology, Inc. (LSO) is developing Light Infusion Therapy™ (Litx™) to provide safer and more effective treatment to cancer patients. In addition to the Phase III trials in hepatocellular carcinoma and metastatic colorectal cancer, the Company is conducting a Phase II clinical trial of Litx in glioma. In December 2006 LSO purchased the assets of its former parent company Light Sciences Corporation (LSC), securing all Litx intellectual property and widening its scope of potential therapeutic applications to include benign neoplasms such as benign prostatic hyperplasia (BPH) and uterine fibroids, as well as vascular disease, dermatology, and all other applications of the versatile Litx platform. The Company has positioned itself for growth with a strong portfolio of intellectual property, innovative applications in development, and an exceptionally talented team.
Light Infusion Therapy™ and Litx™ are trademarks of Light Sciences Oncology, Inc.
Source: Light Sciences Oncology, Inc.
Contact:
Robert M. Littauer
Vice President, Chief Financial Officer and Treasurer
1-425-369-2760
bobl@lsoncology.com
Llew Keltner, M.D., Ph.D.
President and CEO
1-425-369-2760
dr_llew@lsoncology.com