Company will leverage multivalent drug development platform, expand oncology pipeline, and explore potential for other chronic diseases
REDWOOD SHORES, Calif., Jan. 29 /PRNewswire/ -- Genyous Biomed International Inc. ("Genyous") announced today that it has entered into a $36 million private placement agreement with multiple closings. Under the terms of this financing, investments will be made in three tranches: $12 million before March 31, 2009, $12 million before December 31, 2009 and $12 million before December 31, 2010. Genyous anticipates that these funds will cover operations for three years. "This financing will enable us to further develop our oncology pipeline," said James Dao, Chairman & CEO of Genyous. "In addition, we will be able to leverage our MFMT(TM) drug development platform and extend into other chronic diseases of interest which include BPH, COPD, pain and CNS," said Mr. Dao.
MFMT(TM) drugs, a Genyous innovation, possess multiple therapeutic functions and act upon multiple biological targets to treat complex chronic diseases. These multivalent therapies were designed using a systems biology strategy that takes into consideration crosstalk between cells, their microenvironment and the host organism (e.g. the immune system response). The comprehensive therapeutic activity profile of MFMT(TM) drugs represents an opportunity to significantly improve outcomes. By possessing multiple therapeutic functions and working through a multiplicity of biological targets, relatively low and well-tolerated doses of therapeutic actives are sufficient to treat diseases while minimizing disruption of and restoring the body's homeostasis. This unique characteristic of MFMT(TM) drug candidates leads to less risk of toxicity, side effects and development of drug resistance.
Chronic diseases are now at the center of America's healthcare crisis. According to the U.S. Centers for Disease Control and Prevention, an estimated 133 million people (more than one in three Americans), live with at least one chronic condition and the number continues to grow rapidly. Seventy-five percent of the $2.1 trillion spent on healthcare in the U.S. goes to treating people who suffer from chronic conditions. However, the efficacy and safety of these therapies for chronic diseases has not improved significantly for the past 50 years. For example the cancer mortality rate in the U.S. has only decreased by 5 percent since 1950.
About Genyous Biomed International Inc.
Genyous Biomed International Inc., www.genyous.com, was founded in 2000 to find new solutions for treating chronic diseases. The Company has developed the novel Multifunctional Multitargeted (MFMT(TM)) drug development platform to create multivalent drugs designed to address the heterogeneous nature of chronic diseases. Our lead drug candidates are poised for clinical trials in numerous therapeutic areas including cancer, pain, CNS and pre-cancerous indications such as BPH and COPD.
|SOURCE Genyous Biomed International Inc.|
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