|
[news 2003-2004]
GB
Therapeutics Ltd. completes $4.5 million debenture round
and announces new Board of Directors
Debenture to convert to $15-$20 million Series A round
by April 2003
KINGSTON, ON -- GB Therapeutics Ltd., a leader in the
field of drug discovery and development of novel nitrates
that act as cellular protectants and cognition enhancers,
is pleased to announce the completion of a $4.5 million
debenture round led by VenGrowth Capital Partners and
University Medical Discoveries Inc.. The debenture will
convert as part of a $15- to $20-million Series A financing,
to close on or before April 30th, 2003. VenGrowth Capital
has committed a total of $8 million to this round of
financing.
"GB Therapeutics is a leader in developing novel
nitrate medicines that offer greatly expanded benefits
to human health," says Anthony Giovinazzo, President
& CEO of GB Therapeutics. "This financing enables
GB Therapeutics to advance its product pipeline of novel
nitrates, which offer exciting promise for the treatment
of dementia-related disorders including Alzheimer's
disease, vascular dementia and epilepsy."
"In addition to developing leading drug technologies,
GB Therapeutics has met concrete milestones and is targeting
a billion dollar market, making it an excellent addition
to our portfolio," says Dr. Luc Marengere, a VenGrowth
General Partner and Lead Manager of the VenGrowth Advanced
Life Sciences Fund. "Its potentially ground-breaking
therapeutics and world-class scientific team position
the company to capitalize on the prevailing demographic
trends of an aging population." Dr. Marengere will
be joining the Board of Directors of GB Therapeutics.
About GB Therapeutics Ltd.
GB Therapeutics is at the forefront of new research
relating to the cell-protecting properties of nitric
oxide (NO). Founded in 1997 on research breakthroughs
by leading scientists at Queen's University, in
partnership with PARTEQ Innovations, GB Therapeutics
has developed a product pipeline of novel nitrates that
hold exciting promise for the treatment of mild cognitive
impairment, vascular dementia, epilepsy and pain, and
for cardioprotection. The company's product pipeline
includes an Alzheimer's product candidate that
is completing pre-clinical studies and is expected to
begin human safety testing in early 2004.
GB Therapeutics offers breakthrough technology with
a clear competitive advantage. A comprehensive patent
portfolio protects the company's nitrate library of
more than 200 compounds that have resulted in five patents
issued and 10 patents pending worldwide.
About VenGrowth Capital Partners
VenGrowth Capital Partners Inc., with over $1 billion
in assets under management is a Tier One Canadian venture
capital management group. The funding for GB Therapeutics
originated from the $73 million VenGrowth Advanced Life
Sciences Fund, which concentrates on later-stage development
opportunities in a diverse range of industries within
Canada's high-growth life sciences sector, including
biotechnology, pharmaceuticals and medical technologies
and services. The VenGrowth Advanced Life Sciences Fund
has made $29 million in investments and is poised to
close approximately $40 million in venture investments
in 2003. www.vengrowth.com.
About UMDI
University Medical Discoveries Inc. (UMDI) is a technology
development company focusing on early-stage investments
in the medical and life sciences. UMDI provides financing
and management support to Canadian scientists for the
purpose of demonstrating and protecting the full commercial
potential of their discoveries. Since 1996 UMDI has
invested over $10 million in 34 companies. www.umdi.net.
New Board of Directors
Anthony Giovinazzo, President & CEO, GB Therapeutics,
is pleased to announce the appointment of a new board
of directors. The appointments are announced in tandem
with the company's completion of its $4.5 million
debenture financing.
"It is vital for GB Therapeutics to have a board
of directors made up of individuals with product development,
financing and scientific management experience,"
says Mr. Giovinazzo. "I am very pleased with the
composition, maturity and balance we have struck with
this new board."
Directors of the board are as follows:
John P. Molloy (Chairman) President & CEO of PARTEQ
Innovations, the technology transfer arm of Queen's
University. Mr. Molloy is a founder and director for
a number of university spin-off companies.
About PARTEQ Innovations: http://www.parteqinnovations.com
Luc Marengère PhD, General Partner, VenGrowth
Capital Partners Inc. leads the management of the Advanced
Life Sciences Fund including the implementation of the
investment strategy. About Dr. Marengère: http://www.vengrowth.com/content/home/ourteam/profiles/luc_marengere.asp
Perry B. Molinoff, MD Executive Vice President of Research
& Development, Palatin Technologies. He oversees
Palatin's research and clinical operations and
will steer their products through preclinical and clinical
stages toward commercialisation. About Dr. Molinoff:
http://216.185.136.16/main.asp?con=4%2E2H
Lewis A. Slotin PhD, President & Chief Operating
Officer of MedTech Partners Inc. and MedInnova Partners
Inc., early-stage technology investment companies focused
on financing proof-of-concept research and development
activities in the health sciences. About MedTech Partners:
http://www.medtechpartners.com/
Graham L. Strachan, principal owner of GLS Business
Development was the founding President & CEO Allelix
Biopharmaceuticals, now NPS Allelix Pharmaceuticals
Inc. He currently serves on boards of directors of several
life sciences companies. He was Chair of the National
Biotechnology Advisory Committee from 1991-1999 and
has served as President of BIO and Chair of the Biotechnology
Human Resources Council.
Gregory R.J. Thatcher PhD, Professor of Medicinal Chemistry,
University of Illinois at Chicago. Principal Investigator,
GB Therapeutics (previously, Prof. Chemistry, Queen's
University). Dr. Thatcher has more than 50 publications
as well as patents in several different areas of drug
design.
Anthony J. Giovinazzo, MBA President & CEO, GB Therapeutics
(Ex-President & CEO Prescient NeuroPharma Inc.;
Ex-Executive VP of Nova Molecular Inc.; Ex-Vice President
& Partner of MDS Capital Corp.; Ex-President of
Neuroscience Partners Fund). Mr. Giovinazzo will lead
the company through a Series A financing, expansion
of the management team, and the building of a clinical
pipeline of proprietary novel nitrate based compounds
and in-licensed products.
Contact
Anthony Giovinazzo
President & CEO
GB Therapeutics Ltd.
P: 416-723-2549
Email: agiovinazzo@gbtherapeutics.com
GB Therapeutics Ltd.
Research Centre
P: 613. 545.1239
F: 613. 533.6853
www.gbtherapeutics.com
|
