Mimetogen Pharmaceuticals Completes Key Equity Financing for Ophthalmology Drugs
Montréal, Québec – October 7th, 2009 - Mimetogen Pharmaceuticals Inc. ("Mimetogen"), a privately held drug development company announced today that it has successfully completed an equity financing, co-led by Boston-based VIMAC Milestone Medica Fund and Montréal-based iNovia Capital. The Company has also completed discussions with the FDA concerning both pre-clinical and clinical development of its lead compound to treat dry eye syndrome.
Mimetogen’s lead drug candidate for keratoconjunctivitis sicca (dry eye syndrome), MIM-D3, is a small molecule neurotrophin mimetic acting as a potent mucin secretagogue. The company first reported pre-clinical efficacy data at ARVO, Fort Lauderdale, in May 2009 and subsequently held a pre-IND meeting with the FDA prior to commencing toxicology and safety pharmacology studies.
The equity investment from iNovia and VIMAC will fund development activities for MIM-D3 up to and including the completion of both Phase I safety and tolerability and Phase II proof of concept studies in humans. “The strong preclinical efficacy and toxicology data combined with a well defined clinical development plan has made for an extremely compelling investment opportunity”, noted Garth Cumberlidge, Chief Executive Officer at Mimetogen. “Dry eye is a large and growing market which is ripe for innovative and effective drugs. We are confident that the combination of our strong data coupled with industry interest in this sector creates a unique business opportunity”. In addition to dry eye, Mimetogen is working on a pipeline of drugs in retinitis pigmentosa and dry macular degeneration.
Mimetogen will be discussing this and its other development plans on Thursday, October 8th at 2 pm at the annual BioContact Symposium in Québec City, Canada.
About Mimetogen Pharmaceuticals Inc.
Mimetogen began operations in October 2005, 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 syndrome, glaucoma and other degenerative diseases of the retina. Mimetogen also possesses a pipeline of validated leads for non-ophthalmic indications (such as neurodegenerative disease and pain) that it plans to partner. Please visit www.mimetogen.com.
About VIMAC Ventures LLC
VIMAC Ventures LLC is a Boston-based venture capital firm that invests in emerging growth companies geographically located in the northeastern U.S. and Canada. Founded in 1982, VIMAC focuses on early stage companies specializing in technologies which the firm believes solve practical business problems.
VIMAC Milestone Medica Fund is the firm's life sciences fund originally co-sponsored with RBC, BTG, and VIMAC. With offices in Lexington, MA and close proximity to Canada, the Fund is strategically positioned in the heart of one of North America's most prominent R&D sectors for life sciences and biotechnology. The Fund leverages this position by carefully nurturing its professional network ties developed over many years with leading industry experts and investors across international borders. For more information, visit www.vimac.com for further information.
About iNovia Capital
iNovia Capital manages seed and early stage venture capital funds, with a focus on helping entrepreneurs build successful companies in information technology, life sciences and cleantech. iNovia’s value-added approach to early stage investing provides portfolio companies with capital, unique access to intellectual property from its extensive network of industry and academic partners, advisors and sector-specific co-investors. For more information, visit www.inoviacapital.com or follow iNovia on Twitter at http://twitter.com/inovia. This investment was made out of iNovia Capital’s first venture capital fund, the MSBi Investment Fund L.P., a $46M seed stage fund focused on building companies that are based on innovative technologies originating from the universities of McGill, Sherbrooke and Bishop's, as well as their affiliated hospitals and research institutes.