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[news 2007 -2008]
Cytochroma Inc. partners with Japan’s Mitsubishi Tanabe and completes $45 million financing
For immediate release
July 30, 2008
MARKHAM, ON / OSAKA, JAPAN – Cytochroma, Inc., a spinoff company of Queen’s University’s PARTEQ Innovations, is pleased to announce it has signed an exclusive license agreement with Mitsubishi Tanabe Pharma Corporation (MTPC).
The deal, worth CDN $105 million, gives MTPC exclusive rights in the U.S. and Asia, including Japan, to develop and commercialize CTA018, Cytochroma’s novel vitamin D analog. CTA018 is entering Phase II development in Canada for the treatment of secondary hyperparathyroidism in patients with chronic kidney disease (CKD). The agreement also grants MTPC access to certain follow-on compounds to CTA018 for the same territories, with Cytochroma retaining all rights to CTA018 and these follow-on compounds in all regions outside the U.S. and Asia.
Cytochroma also announced the closing of a $45 million Series C financing, led by MTPC and supported by a number of existing investors. The funding will be used to advance Cytochroma’s portfolio of vitamin D-based therapeutics into mid- and late-stage trials. These product candidates target disorders related to altered vitamin D metabolism in chronic kidney disease.
“This is wonderful news for Cytochroma,” says John Molloy, President and CEO of PARTEQ. “These two extremely substantial deals speak to both the strength of Cytochroma’s development platform, and the quality of its management team. They also underscore the potential for economic value that can be realized from nurturing promising university research.
“This has been a good month for our spinoffs, with Performance Plants, another of our companies, closing a $13 million financing last week,” he adds. “It is difficult to raise money in the biotech sector these days, so this financing is a significant indication of Cytochroma’s robust potential. It has been extremely gratifying to see this Queen’s-generated company take root and flourish in Ontario.”
Cytochroma was founded in 1996 by PARTEQ and Queen’s scientists Martin Petkovich and Glenville Jones to develop and identify drug candidates aimed at modulating the effects of cytochrome P450s, the key enzymes involved in the metabolism of major biological signalling molecules.
“When we launched Cytochroma 12 years ago, we hoped that one day our basic scientific discoveries would spawn new ways to treat disease,” says Dr. Jones. “Now with this major new investment, it appears that the hard work of many individuals will pay off with important new drugs to treat chronic kidney disease.”
“Mitsubishi Tanabe is a world-class company that will provide Cytochroma with significant resources and pharmaceutical know-how, thereby facilitating the development and commercialization of CTA018 in the U.S. and Asia,” says Dr. Charles W. Bishop, President and CEO of Cytochroma. “The formation of this partnership is a landmark event for Cytochroma and represents an important validation of our novel approach to treating secondary hyperparathyroidism in CKD patients.”
About Cytochroma Inc.:
Cytochroma is a clinical stage specialty pharmaceutical company focused on developing and commercializing proprietary products to treat and prevent the clinical consequences of vitamin D insufficiency and SHPT associated with CKD. The Company’s vitamin D-based therapeutics are designed to safely and effectively treat patients with Stage 3, 4 or 5 CKD. In addition, Cytochroma is developing novel therapies to treat hyperphosphatemia in these same patients.
www.cytochroma.com.
About PARTEQ Innovations
PARTEQ Innovations is the not-for-profit technology transfer arm of Queen’s University. PARTEQ works with Queen’s researchers and the business and venture capital communities to bring early stage technologies to market. Since 1987 PARTEQ has been instrumental in the establishment of more than 40 companies developing a variety of products, from potential drugs for Alzheimer’s, cancer and heart disease to automated bacteria detection for water systems, solar-powered appliances, and advanced materials used in the plastics, automotive, aerospace and household appliance industries.
Contact:
John P. Molloy
President & CEO
PARTEQ Innovations
P: 613. 533. 2342
F: 613. 533. 6853
E: jmolloy@parteqinnovations.com
Eric J. Messner
Vice President, Commercial Operations
P: 905. 479. 5306 ext. 338 (Markham, ON)
E: eric.messner@cytochroma.com |
