A Haynes Boone team led by Partners Rick Werner and Simin Sun represented LadRx Corporation in securing up to $11 million in non-dilutive financing from Xoma Corporation.
LadRx, a biopharmaceutical innovator focused on research and development of life-saving cancer therapeutics, announced June 22 that it has transferred the royalty and milestone rights associated with arimoclomol and aldoxorubicin to XOMA. In exchange, the agreement provides LadRx $5 million in gross proceeds upon closing and up to an additional $6 million based on regulatory and commercial milestones.
LadRx said it expects to use the proceeds primarily to advance its lead novel cancer therapeutic candidate LADR-7 towards an Investigation New Drug filing (“IND”) with the FDA and for general corporate expenses.
Werner, co-chair of the firm's Capital Markets and Securities Practice Group, and Sun are assisted by Associates Brent Duddles and Victoria Lee and a broader team that includes Partners Greg Kramer, Bruce Newsome and Jeff Wolfson and Associate Richard Post.
Haynes Boone’s Capital Markets and Securities lawyers deliver strategic solutions and provide comprehensive advice on a full range of securities transactions and reporting matters. The group has helped companies raise capital and comply with evolving securities laws and practices for more than four decades.
