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[news 1999-2000]
QUEEN'S-based
venture, Neuroceptor Inc., secures R&D investment
for pain and brain diseases
Scientific Breakthrough Fund
and Milestone Medica Corporation team up to provide
up to C $1.75 million to propel preclinical development
May 9, 2000
KINGSTON, ON -- Neuroceptor Inc., a Queen's University
spin-off company, has announced an investment deal that
will allow it to speed the pre-clinical development
of its small molecules for the treatment of chronic
pain and other central nervous system disorders.
"Chronic pain affects a large number of patients
and at present there exist few satisfactory therapeutic
options for many of these patients," said Dr. Rick
Riopelle, a founder of Neuroceptor and Director of the
Queen's Centre for Studies in Molecular Neuroscience.
"This investment has the potential to bring $1.75
million into the company and will provide us with the
resources for our pre-clinical development program,
leading up to an initial regulatory filing to show effect
of our therapeutic candidates in humans. In the future
we believe our approach may be useful in the treatment
of disorders such as ALS (amyotrophic lateral sclerosis)
and Parkinson's disease."
The investment is being led by the Working Ventures
CMDF Queen's Scientific Breakthrough Fund, a venture
capital fund formed as a result of the Ontario Government's
Community Small Business Investment Fund legislation.
The mandate of the Queen's fund is to invest in
early-stage Ontario-based companies with a direct connection
to the Queen's community.
"Neuroceptor's unique technology makes it
an exciting business opportunity," said John Molloy,
the manager of the Queen's Fund and the CEO of
PARTEQ Innovations. He added, "Our investment in
Neuroceptor will facilitate the company's development
and get it to the stage where it will be attractive
for larger investment and pharmaceutical partnerships."
David Shindler, CEO of Milestone Medica Corporation
stated, "There is considerable medical and commercial
potential for new approaches to pain relief under conditions
where other approaches are not working well. The Neuroceptor
team has identified new ways to modulate important fundamental
processes that cause pain. Milestone Medica's objective
is to add value as Neuroceptor's team proceeds toward
clinical or pharmaceutical partnerships."
Neuroceptor's President and founding scientist,
Dr. Greg Ross stated that the investment is a strong
vote of confidence for Neuroceptor's business
model and scientific approach.
Neuroceptor has completed proof-of-principle experiments
in accepted models demonstrating that its compounds
are effective in preventing pain. The company has developed
a diverse library of compounds that can modulate the
activity of neurotrophins, naturally occurring proteins
that promote the growth and maintenance of nerve cells
in the brain and spinal cord. Recent evidence suggests,
that changes in neurotrophin receptor signaling may
play a role in chronic pain and central nervous system
disorders such as ALS, Parkinson's disease, Alzheimer's
disease and stroke.
"Significant evidence indicates that chronic pain
may involve a neurotrophin-induced change in the pain
sensing nerves themselves. We believe that our compounds
may facilitate a return to normal neurotrophin signaling.
Neuroceptor's approach is unique as it has the
potential to not only treat the symptoms of chronic
pain but the underlying cause as well," said Riopelle.
The company was formed in 1998 based on technology developed
at Queen's University, and founded with the assistance
of PARTEQ Innovations, the technology transfer arm of
Queen's.
About the Queen's CSBIF:
The Working Ventures CMDF Queen's Scientific Breakthrough
Fund is a $7 million venture fund launched under the
Ontario Government's Small Business Investment Fund
(CSBIF) Program. Established as a partnership between
Queen's University, Working Ventures Canadian Fund and
the Canadian Medical Discoveries Fund, the Fund is managed
by PARTEQ and has a mandate to invest in enterprises
formed by Queen's researchers looking to commercialize
and market research discoveries.
About
Milestone Medica:
Milestone Medica's mission is to enable Canadian biomedical
research to advance from early-stage technologies toward
innovative health care products through creative and
concerted application of scientific, business and financial
resources. The Corporation provides both investment
and management designed specifically for launching commercial
developments based on medical discoveries which have
the potential to transform health care. Milestone Medica's
national team of technology and business experts is
located in Montreal, Toronto and Calgary, and works
with Canadian universities, hospitals and companies.
A majority Canadian-owned company established in 1998,
Milestone Medica is a joint venture between Royal Bank
Ventures Inc. and Tucson, Arizona-based Research Corporation
Technologies. The partners provide Milestone Medica
with access to worldwide financial, commercial and technology
expertise. (www.milestonemedica.com, www.royalbank.com/rbvi,
www.rctech.com).
About
PARTEQ Innovations:
PARTEQ Innovations is a not-for-profit corporation formed
in December 1987 to act as the technology transfer agent
for Queen's University at Kingston. PARTEQ has the exclusive
rights to all intellectual property owned by the University.
PARTEQ's mission is to stimulate and facilitate the
commercialization of intellectual property generated
at Queen's and to enhance and foster linkages between
the Queen's research community and industry. PARTEQ's
mission is driven by social responsibility and potential
economic return. Queen's is a research-intensive university
and PARTEQ provides a means to ensure that discoveries
with potential public benefit are properly commercialized.
Contacts:
Dr Gregory Ross
Department of Medicine (Neurology)
Queen's University
Phone: (613) 548-3232
Fax: (613) 548-1369
Email: rossg@post.queensu.ca
Dr. David Shindler
President and CEO
Milestone Medica Corporation
Phone: (416) 974-0340
Fax: (416) 974-1288
Email: Shindler@milestonemedica.com
John Molloy
President and CEO
PARTEQ Innovations
Phone: (613) 533 2342
Fax: (613) 533 6853
Email: molloyj@post.queensu.ca
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