The Hemogenyx Pharmaceuticals PLC (LON: HEMO) share price surged 40.5% after announcing that it had received a strategic investment from Prevail Partners, LLC, through a subscription for 11,066,667 ordinary shares priced at US$0.075 per share (approx. £0.06) for a total sum of $830,000 (approx. £668,000).
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The upbeat reaction from investors was expected, given that the price paid by Prevail Partners for the new shares represented a 40% premium to the Hemogenyx closing price on Thursday, 14 September 2023.
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Hemogenyx Pharmaceuticals LLC, the company’s wholly-owned subsidiary, has also signed a Master Service and Technology Agreement (MSTA) with Prevail InfoWorks, Inc. (InfoWorks), a Philadelphia, PA-based Contract Research Organization (CRO) and affiliate of Prevail Partners.
InfoWorks is expected to provide clinical services and technologies for Hemogenyx’s upcoming Phase I study of its anti-FLT3 chimeric antigen receptor-redirected T cells (CAR-T cells). The study will target subjects with relapsed/refractory acute myeloid leukaemia (AML).
The services to be provided by InfoWorks under the MSTA include project management, clinical site coordination, clinical monitoring, data management, and pharmacovigilance (safety management) services. These services will be delivered using InfoWorks’ integrated real-time data analytics platform, The Single Interface®.
The MSTA is expected to last 40 months initially, and Hemogenyx Pharmaceuticals LLC has agreed to an initial statement of works regarding its Phase I AML clinical trial.
Dr Vladislav Sandler, CEO and co-founder of Hemogenyx Pharmaceuticals, commented: “As we seek to bring the curative power of cell therapies to a greater number of patients suffering from otherwise incurable life-threatening diseases, we are very confident in Prevail InfoWorks' ability to coordinate our Phase I clinical trial in relapsed/refractory AML. Their operational experience and expertise will enable a smooth execution of the study, while their specialization in real-time data integration and analytics will ensure fast, reliable data access to lower our clinical risk and potentially speed up our regulatory timeline.”
Mary Schaheen, President of Prevail Partners, stated: “Everyone at our fund is confident in the growth and success of Hemogenyx Pharmaceuticals as they develop CAR-T cells to target acute myeloid leukaemia.”
The Hemogenyx (HEMO) share price.
The Hemogenyx (HEMO) share price surged 40.54% to trade at 2.60p, from Friday’s closing price of 1.85p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.