Funding goal exceeded

Biopharmaceutical firm Jennerex Inc. raises gross proceeds of US$8.3 million in its Series-B round, $300,000 more than was initially sought. The company, which has large R&D operations in Ottawa, says the funding will be used for working capital over the next 18 months. Based in San Francisco, Jennerex engineers viruses to destroy cancer cells and is currently doing clinical research for its lead drug, JX-594, which targets liver and lung cancer, and other solid tumours. JX-594 uses the Vaccinia Virus, the main component in smallpox vaccine.

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