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Nymox Pharmaceutical raises $2M funding from long-term shareholder

Nymox Pharmaceutical Corp. said it secured an additional $2 million in investment from a long-term shareholder.

The Hasbrouck Heights, N.J.-based biopharmaceutical company did not disclose the identity of the shareholder, noting instead that its shares were sold at $3 each. Nymox shares closed at $3.68 apiece June 7.

Nymox had previously raised $16.3 million in funding from long-term investors, including one that solely funneled $12 million into the company.

The additional amount brings the recent net funding total to $18.3 million, which will be used for general corporate purposes.

Nymox is advancing its lead drug compound, Fexapotide, as a treatment for prostate enlargement, which affects 110 million men worldwide. More than 12 million symptomatic men in the U.S. are being treated for the condition with medications or procedural approaches.