Prolong Pharmaceuticals has received a commitment of $30m in funding from a private investor group, to continue research and development efforts and clinical programs targeting anaemias resulting from oxygen deficiency.
Prolong president Glenn Kazo said that as they move towards the clinic with Sanguinate product they are pleased to receive this level of financing for the next phase of efforts.
"Over the coming months we will be focused on developing sufficient manufacturing capacity to supply our clinical development needs, researching additional indications, and expanding the infrastructure we expect to require as we move forward with Sanguinate," Kazo said.
Kazo recently assumed the title of president after consulting in various capacities with Prolong since 2007. He succeeded Prolong founder Abraham Abuchowski, who remains CEO.