Life sciences group ValiRx (LON:VAL) said the recent £2.03 mln cash call allows it to take VAL201 through first human clinical trials.
It is hoped this potentially breakthrough treatment for cancer will tackle a number of strands of the disease including breast, ovarian and prostate forms.
It is also thought to reduce metastasis (the spread of seeds) in prostate cancer.
ValiRx is currently commissioning the production of clinical grades of the VAL201 compound, while recruiting the necessary technical personnel and concluding contractual arrangements for a clinical trial centre.
Chief executive Dr Satu Vainikka said: "I am very pleased with the outcome of the placing and to see VAL201, the first of several ValiRx compounds, now funded through its first in-human clinical development, as the company seeks to drive greater shareholder value by conducting phase I trials directly, rather than out-licensing the compound at this stage."
Separately, Val101 continues to progress through late-stage, pre-clinical proof-of-concept studies, ValiRx said.
This is the first compound derived from the company’s GeneICE platform and uses ValiRx's revolutionary gene silencing technology, which has been developed for silencing or "freezing" rebellious genes found in diseases such as cancer.
ValiRx is preparing two papers for the American Association for Cancer Research meeting in Washington next April.