Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=a9471bca-770c-450c-a4ad-6753ff90174f
Date 5/18/2016
Company Name PhaseRx
Mailing Address 410 West Harrison Street Seattle, WA 98119 USA
Company Description PhaseRx (NASDAQ: PZRX) is an RNAi delivery technology company developing a breakthrough polymer-based system that enables the systemic delivery of RNAi-based drugs and potentially other macromolecules as therapeutic products.
Proceeds Purposes Although it is difficult to predict our liquidity requirements, based upon our current operating plan, and assuming successful completion of this offering and our success in securing a combination of debt financing and/or strategic partnerships, we believe we will have sufficient cash to meet the following milestones, with respect to our current urea cycle disorder therapeutic programs: achieve preclinical proof of concept for the treatment of a second urea cycle disorder; select a urea cycle disorder product candidate for further development; scale up the manufacturing of the lead urea cycle disorder product candidate; complete GMP-manufacturing and GLP-compliant toxicology studies; and file an IND application with the FDA for this product candidate. In furtherance of the foregoing, we intend to use the net proceeds of this offering as follows: approximately $459,000 to achieve preclinical proof of concept for the treatment of a second urea cycle disorder; approximately $689,000 to se