CALGARY, May 4 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), specializing in the manufacture of high-value proteins and oils in plant seeds, today announced that it has reached an agreement with AVAC Ltd. for a $1.5 million loan for the development of its Apo AIMilano candidate. AVAC is a private, not-for-profit company that invests in research initiatives and early stage commercial businesses that expand Alberta's value-added industry.
The funds will be advanced with an upfront payment followed by two smaller installments based on the execution of short term Apo AIMilano development milestones expected to be completed by January 2010. The funds are repayable at the end of 18 months with interest.
"This funding comes at a very important time as it will contribute towards the achievement of near-term objectives for our Apo AIMilano candidate and allow us to leverage additional funding opportunities," said James Szarko, President and CEO of SemBioSys Genetics Inc. "AVAC's continued support reflects the shared vision of our enabling technology platform and its applicability to biopharmaceuticals like Apo AIMilano. This next-generation drug has the potential to meet a very large unmet need in cardiovascular disease. The terms of the funding provide us sufficient time to execute substantial value-generating milestones for this promising program."
"AVAC has very high hopes for SemBioSys' technology platform and has been a strong supporter of the Company since 2001. The Apo AIMilano product has true blockbuster potential and will provide the medical community with new tools to address the debilitating and potentially life-threatening consequences of atherosclerosis," says Jim Hardin, AVAC Investment Manager.
"In addition to its direct investments in early-stage companies, AVAC also participates in commercially-relevant agricultural research and we are the leading early-stage venture capital fund-of-fund investor in Alber
|SOURCE SemBioSys Genetics Inc.|
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