Proteonomix, a biotechnology company, has announced Institutional Review Board (IRB) approval for its clinical trial of UMK-121 in patients with end stage liver disease.
The company previously signed an agreement with the University of Medicine & Dentistry of New Jersey to conduct the clinical trial of the UMK-121 drug therapy on patients with end stage liver disease and provide the data to IRB.
As per the agreement, the company had to pay expenses associated with the clinical study which the company has done.
Proteonomix president Michael Cohen said the financing needed to complete the company's obligation with respect to the trial was provided by the private placement of Series E Preferred Stock.
"We previously announced that we have engaged the University to conduct the trial and thanked the University for their assistance with the finalization of the agreement to conduct a clinical trial of UMK-121," Cohen added.
"The Company has previously described the terms of the agreement to license and develop and the patent application of the UMK-121 technology."
