Ex-CTI BioPharma CEO seeks startup funds as yacht lawsuit dismissed - (Puget Sound Business Journal via NewsPoints Desk)

  • Former CTI BioPharma chief executive James Blanco has initiated a $500 000 round of financing for his new start-up firm Tuhura Biopharma, Puget Sound Business Journal reported.

  • The news comes after a court dismissed a debt collection lawsuit against Blanco, who is listed as president of Tuhura.

  • Blanco has faced a number of lawsuits since leaving CTI in 2016.

  • CTI has remained unprofitable despite raising more than $2.2 billion over nearly three decades.

  • Meanwhile, Blanco previously indicated that Tuhura has licenced an immunotherapy platform from a "major US cancer centre," adding that he also plans to launch a second biotech start-up.

  • "I was recruited to help identify [and] license novel small molecule drugs and finance the new venture — as a founder alongside several biotech veterans," Blanco remarked.

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