Gemin X raises $16 million to support drug development

Gemin X Pharmaceuticals Inc., of Malvern, said it raised $16 million in a new round of financing.

The biotechnology company has been working on an experimental treatment for small cell lung cancer, called obatoclax.

In a statement, Gemin X chief financial officer Michael Dixon said the money would be used to support an ongoing Phase 2b clinical trial of obatoclax.

The company said current investors Caxton Advantage Life Sciences Fund L.P. and Sanderling Venture Partners co-led the financing.

Since May 2001, Gemin X has raised more than $130 million in four rounds of equity and debt financings.

Geminx X has its research and development operations in Montreal, where it was founded in 1998. Its CEO is Peter Dolan, the former CEO of Bristol-Myers Squibb.