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[news 2003-2004]
Queen's, McGill University spinoff companies
and NeuroSearch of Denmark join forces to address chronic
pain
PainCeptor Pharma Corp's novel technologies for
pain management therapy attract $23 million in initial
investment
March 23, 2004
KINGSTON, ON – Neuroceptor, Inc., and Antalium Inc.,
spinoff companies of Queen's University and McGill
University respectively, are pleased to announce their
merger into a new company, PainCeptor Pharma Corporation.
The company will operate from facilities in Montreal,
Quebec and Kingston, Ontario.
The alliance capitalizes on the two companies' complementary
research into the signalling molecules that regulate the
sensory transmission of chronic pain. PainCeptor will
also acquire key complementary technology from NeuroSearch
A/S, a European pharmaceutical company and strategic partner
of Antalium.
The new biopharmaceutical company will focus on developing
novel drugs for the treatment of peripheral pain. Peripheral
pain occurs outside the central nervous system and is
associated with conditions such as tissue injury and chronic
inflammatory diseases such as arthritis. Clinical trials
of the company's lead compound are expected to begin
in 2005.
PainCeptor is financed with investment funding of $23
million, which will be used to advance the company's
lead compounds into clinical trials. The financing is
led by CDP Capital – Technology Ventures, with additional
investment from the Business Development Bank of Canada,
Desjardins Venture Capital, Canadian Medical Discoveries
Fund Inc., T2C2/BIO 2000, MDS Capital Corporation and
Innovatech du Grand Montréal.
Chronic pain afflicts millions of individuals worldwide
in a variety of diseases and conditions, including cancer,
arthritis, fibromyalgia, and tissue injury. The therapeutic
market for chronic pain control is extensive and remains
largely unmet. Existing treatments for chronic pain are
few, and current drugs, which include morphine and other
opioid-like medications, can cause serious side effects
and addiction.
Leading the new company is Dr. Louis Lamontagne, the former
president and CEO of the Montreal-based pharmaceutical
company Neurochem Inc. "We are excited by this new
opportunity," says Dr. Lamontagne. "Antalium
and Neuroceptor, under the stewardship of Mr. Kazimierz
Babinski and Dr. Greg Ross respectively, have achieved
remarkable progress in the science of pain control. They
have identified preliminary leads, established proof of
principle in certain well recognized pain pharmaceutical
models, and developed a strong patent position -- all
this on modest financial resources. By targeting specific
molecules within the peripheral nervous system, where
the initial, crucial steps of the pain cascade occur,
our novel compounds offer new hope for the development
of highly efficacious and safe pain medication."
"PainCeptor's innovative technologies
offer great potential in an area of need that is largely
unmet," says John Molloy, President and CEO of PARTEQ
Innovations, a founder of Neuroceptor. "The combination
of unique and complementary technologies developed by
these two companies offers tremendous potential in the
treatment of chronic pain and other peripheral nervous
system disorders."
-30-
Contact:
Dr. Louis Lamontagne
President and CEO
PainCeptor Pharma Corp.
613. 748. 0990
llamontagne@painceptor.com
www.painceptor.com
John Molloy
President & CEO,
PARTEQ Innovations
613. 533. 2342
jmolloy@parteqinnovations.com
www.parteqinnovations.com
About Neuroceptor Inc.
Neuroceptor Inc. was founded in 1998 by PARTEQ Innovations
and Drs. Gregory Ross and Richard Riopelle of Queen's
University. Their research into nerve-cell receptor modulators
called neurotrophins resulted in the development of novel
molecules for modulating the processes that cause pain.
Neuroceptor received $500,000 in investment R&D funding
from University Medical Discoveries Inc. and the Working
Ventures CMDF Queen's Scientific Breakthrough Fund.
About Antalium Inc.
Antalium Inc. was founded in 1999 by Mr. Kazimierz Babinski,
Astra Research Fellow, and Dr. Philippe Seguela, both
of McGill University, on patented technologies in the
field of sensory neuron ion channels discovered at the
Montreal Neurological Institute of McGill University.
McGill University's Office of Technology Transfer
launched the company, generating $3 million in investment
from T2C2/BIO Limited Partnership and MedTech Partners.
About Neurosearch A/S
NeuroSearch is a Danish biopharmaceutical company focused
on unmet medical needs to address diseases of the central
nervous system and other disorders. A Copenhagen Stock
Exchange-listed company (NEUS:CO), Neurosearch has a broad
research and development portfolio that includes compounds
for the treatment of ADHD, Alzheimer's, cancer,
epilepsy, brain damage after stroke, pain and Parkinson's
disease.
About PainCeptor Pharma Corp.
PainCeptor Pharma Corporation is a Canadian-based, private
biopharmaceutical company focused on drug development
for the treatment of acute and chronic pain. The company
has lead compounds active at several sites in the peripheral
nervous system and will begin clinical trials for these
programs in 2005. The company's intellectual property
portfolio includes 33 issued patents and 43 active filings.
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