IRX Therapeutics

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 Company Summary:
  • IRX Therapeutics, Inc. is a clinical-stage company developing novel immunotherapies focused on reducing the immune suppression that is seen in the cancer tumor microenvironment, restoring immune function, and activating a coordinated immune response against the tumor.
Transaction Overview:
  • On 4 May, 2015, IRX announced that it had completed a Series C financing in the amount of $25 million to advance the IRX-2 therapeutic candidate to Phase-2b clinical studies
  • In conjunction with the Series C, the Company completed a strategic partnership relating to the option to acquire rights to the Company’s head & neck indication upon the completion of the Phase-2b trial for $425 million
  • In conjunction with the enrollment of the Phase-2b trial, the Company completed an offering of Convertible Notes in the amount of $20 million
Significance of the Transaction:
  • The Series C and Notes financings permit the Company to pursue advanced clinical development of it lead therapeutic candidate
  • The option transaction validates the importance of the Company’s science and strategic platform while providing visibility of attractive “exit” pathway upon near-term success.
Healthios Role:
  • Healthios served as exclusive financial adviser to IRX in the Series C and option transactions
  • Healthios provided Fairness Opinion from a financial perspective on the Notes offering
  • This transaction highlights Healthios commitment to capital formation in emerging growth companies and our success in completing complex transaction to maximize shareholder interests.