|
[news 2001-2002]
Cardiomics announces second-round
financing from Working Ventures-Queen's fund
Dec. 5 , 2001
KINGSTON, ON -- Cardiomics Inc., a spinoff company of
PARTEQ Innovations, is pleased to announce second-round
financing of $450,000 from the Working Ventures CMDF
Queen's Scientific Breakthrough Fund.
The funding, which builds on an initial $250,000 investment
from the fund, will be used to accelerate the company's
investigations into diagnostic and therapeutic tools
for the treatment of ischemic heart disease. It will
also assist in the company's current quest to
raise $13 million in new investor funding for the next
three years.
"The continuing financial support from this fund
is a significant vote of confidence in the pioneering
technologies developed by Cardiomics," says Dr.
Geoff Flynn, President and CEO of Cardiomics. "This
funding is essential to our success as we prepare to
grow and to complete our next round of investor financing."
"Cardiomics' novel technologies offer exciting
promise in the emerging area of cardiovascular proteomics,"
says John Molloy, President and CEO of PARTEQ Innovations,
which manages the Queen's fund. "Cardiomics
has shown that it is well positioned to be a leader
in this key sector of biotechnology research."
Founded in 1999 on the award-winning research of Queen's
researcher Dr. Jennifer Van Eyk, Cardiomics Inc. uses
the advanced scientific techniques of proteomics to
identify and analyse the proteins associated with heart
failure. The new funding will allow the company to advance
its technology for detecting the minute protein changes
that occur as the blood flow to the heart is compromised.
The Cardiomics technology, currently being tested in
clinical trials in the Emergency Department of Kingston
General Hospital, has already shown promise as an effective
diagnostic tool for assessing patients with chest pain.
Cardiomics will also continue its investigations into
how proteins in the heart change during heart failure,
using its unique swine model of heart failure that replicates
the way in which ischemic heart disease develops in
humans. Cardiomics' research offers potential
for a better understanding of the progression of the
disease, allowing physicians to precisely assess the
degree of heart damage. It also shows promise in the
area of drug development for alleviating and arresting
the progression of the condition.
Ultimately Cardiomics hopes to apply its technologies
and expertise to developing similar protein profiles
for other cardiovascular and muscular-related diseases
including hypertension, asthma and chronic obstructive
pulmonary disease.
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 program. Managed by PARTEQ, the fund has a mandate
to invest in enterprises formed by Queen's researchers
looking to commercialize and market research discoveries.
About PARTEQ Innovations:
PARTEQ Innovations is a not-for-profit corporation which
acts as the technology transfer agent for Queen's University
at Kingston. PARTEQ is a leader in the commercialization
of university intellectual property in Canada, with
revenues over the last two years exceeding $13 million.
Contacts:
Dr. Geoff Flynn,
President & CEO
Cardiomics, Inc.
(613) 533-6548
www.parteq.queensu.ca/company/cardiomics.htm
Mr. John Molloy
President & CEO
PARTEQ Innovations
(613) 533-2342
www.parteq.queensu.ca
|
