Proceeds to Advance Clinical Development Of Lead Drug Candidates
MARKHAM, ON, July 30 /PRNewswire/ - Cytochroma today announced the closing of a CDN $45 million Series C financing. The financing was led by a new investor, Mitsubishi Tanabe Pharma Corporation ("MTPC"), and supported by a number of existing investors including Vengrowth Advanced Life Sciences Fund Inc., Caisse de Depot et Placement du Quebec, Novo A/S, Canadian Medical Discoveries Fund Inc., T(2)C(2)/Bio 2000 Limited Partnership, GrowthWorks Canadian Fund Ltd., BDC Capital Inc., and VentureLink Brighter Future Fund Inc.
Charles W. Bishop, PhD, Cytochroma's President and CEO stated, "We are grateful for the strong support of MTPC and our existing investors as we work to achieve our goal of becoming an integrated specialty pharmaceutical company. This latest funding provides Cytochroma with the financial capability to aggressively drive the development of our clinical-stage therapeutic pipeline."
The new funding will be used to advance Cytochroma's portfolio of vitamin D-based therapeutics into mid- and late-stage clinical trials. Cytochroma's product candidates target disorders related to altered vitamin D metabolism in chronic kidney disease ("CKD") patients, and include CTA018 and CTAP201 for the treatment of secondary hyperparathyroidism ("SHPT"), and CTAP101 for the treatment of vitamin D insufficiency. These three lead products address significant markets that are expected to grow to more than $1.4 billion annually by 2013 in North America.
In connection with the financing, Seiichi Kiso, PhD, MBA, General Manager, Business Development & Licensing Department of MTPC, and Joseph Regan, GrowthWork's Vice President, Investments, have joined Cytochroma's Board of Directors bringing the number of directors to six. Elizabeth Douville, PhD, Vice President of GeneChem Management Inc., has retired from the Board after more than nine years of service with the Company.<
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