NeurAxon Announces Closing of Convertible Debenture Financing
TORONTO, ON- September 29, 2010 – NeurAxon, Inc., a development-stage pharmaceutical company that is designing and developing next-generation pain therapeutics targeting neuronal nitric oxide synthase (nNOS), today announced that it has closed a convertible debenture financing in which the convertible debentures are convertible under specified circumstances into existing class B preferred shares for a total of approximately $14 million. Investors participating in the convertible debenture financing include CTI Life Sciences Fund, the Ontario Capital Growth Corporation, Delphi Ventures, OrbiMed Advisors, LLC, Ventures West Capital, Ltd, H.I.G. Ventures, BDC Venture Capital, NeuroVentures Fund and Lawrence Bloch, M.D., J.D., CEO of NeurAxon.
“NeurAxon will apply the resources from this financing to further advance ongoing research and development efforts for our pipeline of selective nNOS inhibitors to treat a wide range of serious pain indications,” commented Lawrence E. Bloch, M.D., J.D., CEO of NeurAxon. “We are grateful for the continuing support of our existing investors and welcome CTI and the Ontario Capital Growth Corporation as the two most recent additions to the NeurAxon team.”
The Ontario Capital Growth Corporation is an agency established by the Province of Ontario, and one of its mandates is to manage the Ontario Emerging Technologies Fund (OETF). OETF is a C$250 million fund that co-invests alongside qualified investors in innovative, high-growth, private Ontario companies, and CTI Life Sciences Fund is an OETF qualified investor.
About NeurAxon Inc.
NeurAxon, Inc. (www.neuraxon.com) discovers and develops next-generation pain therapeutics focused on its first-in-class selective inhibitors of neuronal nitric oxide synthase (nNOS), an enzyme involved in modulating pain and central nervous system neuronal sensitization.