NEW YORK, March 22, 2017 (GLOBE NEWSWIRE) -- Tyme Technologies, Inc. (OTCQB:TYMI), a biotechnology company developing cancer therapeutics using metabolic pathways, today announced a private placement of $8.2 million.
“This financing allows Tyme to initiate our Phase II clinical trial in pancreatic cancer and continue building out our operating structure,” said Steve Hoffman, CEO of Tyme. “Pancreatic cancer is a devastating disease and we have seen encouraging results from SM-88 treatment in our Phase I trial and expanded access programs. In combination with our ongoing Phase II trial in prostate cancer, we believe this will show how SM-88 can be an effective option at both earlier and later stages of cancer treatment.”
About the Financing
Tyme will issue 3,196,465 million shares to a group of private investors, resulting in proceeds to the Company of $8.2 million. The investor group has agreed to a lock-up period of six months. In addition, the Company will issue 3,196,465 million warrants with a strike price of $3.00 per share and a two-year term. Tyme will receive additional proceeds corresponding to warrants that are exercised.
About Tyme
Tyme Technologies is developing a novel first-in-class therapy, SM-88, that is designed to use cancer’s unusual metabolism to selectively break down the cellular defenses of tumors, leading to tumor cell death. Through clinical trials and expanded access programs, SM-88 has been used in over 84 individuals and shown a clinical response in thirteen cancer types. In its initial Phase I trial for end-stage, metastatic cancer patients, SM-88 treatment resulted in a median overall survival of 26 months, with 32% of patients alive at the end of the three year evaluation period without any drug-related serious adverse events. The Company is currently conducting a Phase II trial in prostate cancer in addition to ongoing collaborations with the Mayo Clinic, Mount Sinai, the Albert Einstein College of Medicine and other institutions. For more information, visit our website: www.tymeinc.com.
