Glycotex, Inc. Receives $0.5 Million From Second Tranche of Private Share Placement
WASHINGTON, DC--(Marketwire - January 16, 2008) - Glycotex, Inc. announced that it had
received approximately $0.5 million from the second tranche of a private
share placement. These funds are in addition to the $1.6 million received
in the first tranche of the private share placement in February 2007.
The second tranche funds follow the recent announcement by Glycotex that it
had obtained an active Investigational New Drug Application from the U.S.
Food and Drug Administration ("FDA") for the start of a Phase IIa clinical
trial of its lead product candidate, GLYC-101, administered topically for
the treatment of burn wounds.
About Glycotex, Inc.
Glycotex, Inc. is a U.S.-based development stage biopharmaceutical company
focused on discovering and developing therapies intended to accelerate
human wound healing and tissue repair across a wide range of human
applications. It has licensed from Novogen Limited certain patent rights
and know-how to use and exploit its technology in a wide range of wound
healing applications.
Glycotex, Inc. is an 81 percent owned subsidiary of Novogen Limited.
For more information, visit www.glycotexinc.com.
Under U.S. law, a new drug cannot be marketed until it has been
investigated in clinical trials and approved by the FDA as being safe and
effective for the intended use. Statements included in this press release
that are not historical in nature are "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. You should be aware that our actual results
could differ materially from those contained in the forward-looking
statements, which are based on management's current expectations and are
subject to a number of risks and uncertainties, including, but not limited
to, our failure to successfully commercialize our product candidates, costs
and delays in the development and/or FDA approval, or the failure of our
products to obtain such approval, uncertainties in clinical trial results,
our inability to maintain or enter into, and the risks resulting from, our
dependence upon, collaboration or contractual arrangements necessary for
the development, manufacture, commercialization, marketing, sales and
distribution of any products, competitive factors, our inability to protect
our patents or proprietary rights and obtain necessary rights to third
party patents and intellectual property to operate our business, our
inability to operate our business without infringing the patents and
proprietary rights of others, general economic conditions, the failure of
any products to gain market acceptance, our inability to obtain any
additional required financing, technological changes, government
regulation, changes in industry practice and one-time events. We do not
intend to update any of these factors or to publicly announce the results
of any revisions to these forward-looking statements.
Contact Information: Contact:
David Sheon
202-518-6321