Medwell Capital Announces $2 Million Investment in Mimetogen Pharmaceuticals
Mimetogen Pharmaceuticals Enrolls 100th Patient in Phase II Clinical Trial for Dry Eye
Montreal, Quebec and Edmonton, Alberta, February 25, 2011 – Medwell Capital Corp. (TSX-V: MWC) today announced that it has committed to invest up to $2,000,000 in Mimetogen Pharmaceuticals Inc. (“Mimetogen”), a privately held, clinical-stage company developing a treatment for dry eye disease. Medwell Capital participated in a Series B equity financing with existing Mimetogen investors, iNovia Capital, MSBi Valorisation and VIMAC Milestone Medica.
“The Series B financing gives the company not only longer term financial resources, but also direct access to financial services and business development expertise of Medwell Capital,” said Garth Cumberlidge, President and CEO of Mimetogen. “We are very pleased with the progress of the Phase II trial evaluating MIM-D3 for the treatment of the signs and symptoms of dry eye. The company has enrolled over 100 patients and completed dosing of more than 50 patients with final results expected in the second half of 2011.”
“Mimetogen fits into our strategy of investing in promising technologies that have significant near term development milestones and large market opportunities,” said Kevin Giese, President and CEO of Medwell. “The Phase II results coming out this year are designed to assess the potential for this drug to meet critical unmet needs of a patient group with limited treatment options and blockbuster sales potential.”
As part of the financing, Nitin Kaushal, Executive Vice President of Medwell will join the Mimetogen Board of Directors. Medwell Capital will also assist Mimetogen and the current investors with advisory services in potential partnering and financing efforts.
Phase II Clinical Trial of MIM-D3 for Dry Eye Disease
Mimetogen’s lead drug candidate for the treatment of dry eye disease, MIM-D3, is a small molecule mimetic of nerve growth factor (NGF). NGF is a naturally occurring protein in the eyes that is responsible for the maintenance of corneal nerves and epithelium, mucin and tear production. In contrast to most other products in development or on the market, MIM-D3 is designed to quickly and directly improve the quality of the tears produced by the eyes whilst reducing symptoms of chronic burning and stinging. Dry eye disease is estimated to be a $1 billion US market for which there is currently only one FDA-approved treatment.
Mimetogen is currently enrolling patients in a Phase II randomized, double-masked, multi-center, placebo-controlled trial designed to evaluate the safety, tolerability and efficacy of MIM-D3 in improving the signs and symptoms of dry eye.
Mimetogen has contracted Ora Inc., as the Clinical Research Organization (CRO) for the trial. The trial is being conducted using Ora’s CAE™ System. Ora is the world's leading independent ophthalmic product development firm, with 32 FDA approvals during its 30-year history. For further information please visit www.oraclinical.com.
About Dry Eye Disease
Dry eye disease is one of the most common ophthalmic problems, with an estimated 30 million people in North-America suffering from it and a worldwide prevalence closely paralleling that of the United States. Dry eye is a chronic multifactorial disease of the tears, the ocular surface and the adjacent neurological tissue that results in symptoms of discomfort, visual disturbance and tear film instability that may lead to permanent damage and scars to the ocular surface.
About Mimetogen Pharmaceuticals
Mimetogen Pharmaceuticals, Inc. began operations in 2006, developing the use of peptidomimetics as novel approaches to treat diseases with high unmet medical needs. The underlying technology has been developed at McGill University and the Lady Davis Institute for Medical Research in Montréal. The Company is currently developing novel therapeutic approaches for ophthalmic indications including dry eye disease, glaucoma and other degenerative diseases of the retina. Mimetogen also possesses a pipeline of lead compounds for non-ophthalmic indications (such as neurodegenerative disease and pain). Please visit the corporate website at www.mimetogen.com.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based service provider of capital and advisory services for the healthcare industry. For further information please visit www.medwellcapital.com.