Mountain View, CA and TOKYO December 8, 2008 REGiMMUNE Corporation, a privately held biopharmaceutical company focused on developing technologies and products for immune disorders, today announced that it has received two separate grants totaling more than $12 million from the Japan Science and Technology Agency (JST) and from National Institute of Biomedical Innovation (NIBIO). Under terms outlined in the five-year grant from JST, REGiMMUNE will develop its reVax drug for cedar allergy; and the three-year grant from NIBIO will fund the development of its ToleroVax drug (RGI-2001), a new immunosuppressant for Graft-versus-Host Disease (GvHD) associated with stem cell transplantation.
"The substantial funds that REGiMMUNE is receiving from these two prestigious organizations emphasize the importance of alternative financing opportunities that are available to us, despite the current worldwide economic situation," stated Haru Morita, President and Chief Executive Officer of REGiMMUNE. "The financial support from JST and NIBIO also serves to validate the success of the company's research and development capabilities to date, as well as the potential of our ToleroVax and reVax technologies to produce important new pharmaceutical products," Mr. Morita continued.
Earlier this year, REGiMMUNE completed an $8 million Series B financing to advance the company's compound RGI-2001for GvHD. The new grants will be used to complete the preclinical programs for the company's two lead projects, RGI-1001 for cedar allergy and RGI-2001, as well as to provide the initial funding for the clinical programs.
|Contact: Debra Bannister|