Cancer-fighting drug developer Chimeric Therapeutics has got some fresh capital in the door as it advances a clinical trial on its brain cancer therapy.
Street Talk understands Chimeric has closed a $4.3 million convertible note seed fundraising round, overseen by broker Baker Young.
The company was founded and is chaired by Aussie biotech entrepreneur Paul Hopper, who sits on the boards of ASX-listed biotech outfits Imugene and Suda Pharmaceuticals.
Its primary focus is on developing its CLTX CAR-T asset, which uses a peptide to target brain cancer and is being developed out of Los Angeles at the City of Hope cancer research centre.
Chimeric chairman Hopper was the former chairman of Viralytics, which was bought by US pharma multinational Merck in 2018 for $502 million.
News of the raising comes as Chimeric kicks off a phase