Onconox Inc. Completes Seed Funding Round to Advance OCN001 Toward IND Submission

Summary

Onconox Inc. has successfully closed its seed funding round, securing capital to advance OCN001 through the next phase of its IND-enabling program. The raise builds on substantial preclinical progress already achieved under Kenox Pharmaceuticals, including a successful pre-IND meeting in 2021, and positions Onconox to accelerate the asset toward clinical evaluation.

Onconox Inc., a biotechnology company dedicated to the development of a novel therapeutic candidate for lung cancer, today announced the successful closing of its seed funding round. The financing provides the capital required to advance OCN001 through the next stage of its IND-enabling program, marking a significant milestone in the company’s early development.

Onconox was established earlier this year following its spin-out from Kenox Pharmaceuticals, a move triggered by the strong scientific and regulatory momentum the program had achieved under Kenox’s leadership. Over 2020 and 2021, Kenox completed extensive preclinical research on OCN001 and held a highly successful pre-IND meeting with the U.S. Food and Drug Administration, receiving encouraging guidance on the proposed development path.

The seed funding enables Onconox to build on that foundation by completing the remaining preclinical activities required for IND submission, strengthening its operational capabilities, and advancing the program toward clinical readiness.

Dr Sitaram Velaga, Founder and CEO of Onconox Inc., commented:"This seed investment allows us to maintain the momentum generated over the last several years and move OCN001 through its next critical phase. With the strong pre-clinical progress achieved to date and the positive direction received from our pre-IND meeting, we are now well positioned to advance toward regulatory submission and future clinical evaluation."

The capital will be allocated to finalizing IND-enabling studies, refining development plans, and expanding the company’s core operational infrastructure to support the next stage of growth.

Onconox remains a wholly owned subsidiary of Kenox Pharmaceuticals, operating independently with a single, clear mandate: to advance OCN001 as a potential new therapeutic option for patients with lung cancer.

Further updates on development progress and future financing plans will be announced as the program advances.