A leading pharmaceutical firm has received a boost today with the news that it has secured extra funding for the development of its new platinum cancer treatment products.

NeoRx revealed that it has secured capital as a result of the private placement of $4.1 million through the sale of 3,320,000 shares of common stock and warrants.

The firm said it had found "new institutional investors" to help facilitate the transaction, with the revenues being used to "initiate clinical trials for the company's NX 473 product".

NX 473 - a new platinum therapy that targets advanced lung and colorectal cancers - is currently in a Phase III clinical trial, with chief executive Jerry McMahon expressing hope that the funds would speed the development of the new treatment.

"This financing allows NeoRx to advance our promising NX 473 platinum compound into clinical trials and reflects the company's goal of developing a diverse pipeline of oncology product candidates," he commented.

"We currently plan to launch a Phase II trial of NX 473 in small cell lung cancer in the first half of this year, with a proposed Phase I/II trial in colorectal cancer to follow."

NeoRx is a specialist in cancer treatment products, with a portfolio of treatments already including STR, a radiotherapeutic targeting bone for patients with primary refractory multiple myeloma.