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[news 2001-2002]
Cytochroma
raises$6.5 million in third round of Series B Financing
Dec. 4, 2002
MARKHAM, ON – Cytochroma Inc. announced today
that the company has raised an additional Cdn$6.5 million
in its recent private equity financing bringing the
total raised through its Series "B" financing
to Cdn$22 million. Vengrowth Capital Partners, through
The VenGrowth Advanced Life Sciences Fund Inc., joins
other leading Canadian and Danish investors in the company.
The additional funds will be used by Cytochroma to advance
several promising small molecule therapeutics for dermatology
and oncology towards human clinical trials.
"This financing from a new investor and in a difficult
environment highlights the strong potential of our drug
discovery and development approach, " stated Dr.
Robert Foldes, President and CEO of Cytochroma. "Cytochroma
has a single minded focus on exploiting cytochrome P450
enzymes as drug discovery targets. This has resulted
in the creation of a tremendous level of expertise in
the company which allows rapid progress from gene discovery
to lead compound optimization."
Dr. Luc Marengère, a VenGrowth General Partner
and Lead Manager for the VenGrowth Advanced Life Sciences
Fund also joins Cytochroma's board of directors.
"Cytochroma's novel technology platform puts it
among the world's leaders in cytochrome P450-based therapeutics.
The company is backed by internationally recognized
researchers and medical scientists and in a relatively
short period of time has developed a solid reputation
for excellence," emphasized Dr. Marengère.
Through a research, development and license agreement
with Allergan, Inc. (NYSE: AGN), Cytochroma has collaborated
in the discovery of a small library of retinoic acid
metabolism inhibitors. The partnership, initiated in
June 1999, exploits Cytochroma's proprietary position
on two key cytochrome P450 enzymes responsible for the
breakdown of retinoic acid in humans, CYP26A and CYP26B.
Several CYP26 inhibitors have shown promising results
and are poised to enter pre-IND studies for dermatology
indications such as acne and photo-aging. Cytochroma
and Allergan are also continuing to pursue potential
applications of CYP26 inhibitors in cancer.
In addition, Cytochroma, through a research and license
agreement with Johns Hopkins University, has discovered
specific and potent CYP24 inhibitors, which prevent
the rapid breakdown of the active form of vitamin D,
calcitriol, within target cells. Several of these CYP24
inhibitors are at least as potent as calcitriol in research
models yet they do not elicit hypercalcemia, a potentially
life-threatening side-effect of calcitriol therapy.
Cytochroma expects to advance one CYP24 inhibitor towards
pre-IND studies for psoriasis before the end of 2003.
It is also continuing to evaluate several CYP24 inhibitors
in animal models of cancer.
Cytochroma has recently relocated to a leased single
tenant facility just outside Toronto, in Markham, Ontario.
This state-of-the-art facility provides considerable
flexibility for the diverse scientific pursuits within
the company, while allowing for growth anticipated over
the next several years. " Cytochroma's scientific
staff are thrilled to be working in an environment specifically
designed for their unique needs " indicated Dr.
Bozena Korczak, Cytochroma's Vice President of
Research & Development. "We are looking forward
to many years of success in discovery and clinical research.
"
About
Cytochroma
Cytochroma Inc. is an applied genomics and drug discovery
company. It is a world leader in the discovery of cytochrome
P450 genes, the identification of the function of the
proteins encoded by those genes, and the discovery of
highly potent and specific drugs regulating cytochrome
P450 enzymes to address unmet medical needs. To date,
Cytochroma's drug discovery program has identified
modulators of retinoic acid and calcitriol metabolism
as drug candidates for the treatment of skin diseases
and cancer. For more information, please visit www.cytochroma.com.
About VenGrowth Capital
Partners
VenGrowth
Capital Partners, with over $1 billion in assets under
management is a Tier One Canadian venture capital management
group, widely known and respected in the industry. Since
it began operations in 1982, VenGrowth's accomplished
team of seasoned venture capitalists has invested over
$722 million in more than 130 companies. These investments
have been made on behalf of over 150,000 investors including
leading pension funds, insurance companies, family foundations,
and individual investors. Investee companies benefit
from VenGrowth's substantial experience, resources,
and hands-on investment style. VenGrowth's offices are
located in Toronto (Corporate Headquarters), Ottawa
and Boston, Massachusetts. For more information, please
visit www.vengrowth.com.
For information contact:
Dr. Robert L. Foldes
President & CEO
Cytochroma Inc.
330 Cochrane Drive
Markham, Ontario L3R 8E4
CANADA
Phone: (905) 479-5306
Fax: (905) 479-1287
robert@cytochroma.com
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