X-Chem spinout raises $8.5M

Newco X-Rx Inc. (Waltham, Mass.) spun out of X-Chem Inc. (Waltham, Mass.) and raised $8.5 million in the first round of a planned $12 million seed financing from CRO PPD LLC (Wilmington, N.C.) and X-Chem's founders. Rick Wagner, who is CEO of X-Rx, said the company will develop small molecule therapies against undisclosed "intractable" targets, with an initial focus on cancer and inflammation. He said the company will focus on developing lead "starting points" through to Phase I/IIa prior to partnering. ...