Cytochroma Secures Additional Financing
Markham, Canada (ots/PRNewswire)
Cytochroma Inc. announced today
that the Company has received the first tranche of a CDN $15 million
financing. The funds will be used by Cytochroma to continue
advancement of CTA018 towards a Phase II clinical trial for psoriasis
as well as to extend its pipeline of late-stage preclinical products.
This recent round of financing was led by VenGrowth Private Equity
Partners Inc. ("VenGrowth"), through The VenGrowth Advanced Life
Sciences Fund Inc., with additional participation from all of the
current investors."We are very pleased to be receiving this additional investment from our current investors as it supports and reinforces our current development approach," stated James M. Rae, CEO of Cytochroma. "Cytochroma has confidence in the ongoing clinical development of CTA018 and will be using the same approach to move other Vitamin D Signal Amplifier products into hyperparathyroidism secondary to chronic kidney disease, oncology and multiple sclerosis indications. These additional indications for our compounds will add significant value to the Company."
"The potential of Cytochroma's multiple clinical and development programs and strengths of management are truly highlighted by the unanimous and enthusiastic support by the existing investors", said Dr. Luc Marengere, Managing General Partner with VenGrowth. "The company is executing well and delivering tangible development milestones."
About Cytochroma Inc.
Cytochroma Inc. is a specialty drug development company targeting hyperproliferative disorders, autoimmune diseases and chronic kidney disease. The company is currently focused on developing and commercializing innovative vitamin D analogs, significantly having a dual mechanism of action, which address major medical needs in the treatment of psoriasis, secondary hyperparathyroidism, multiple sclerosis and cancer. For more information, please visit www.cytochroma.com.
About VenGrowth
With over 1 billion dollars in assets under management, VenGrowth is Canada's largest private equity and venture capital firm managing both retail and institutional assets. Since 1982, VenGrowth's accomplished private equity managers have invested over 1.1 billion dollars in 180 companies, building a strong track record of successful portfolio transactions. These investments have been made on behalf of over 180,000 individual investors and leading pension funds, banks, insurance companies and family foundations. Portfolio companies benefit from VenGrowth's substantial experience, resources, and hands-on investment style. VenGrowth's offices are located in Toronto (Corporate Headquarters) and Ottawa. For more information, please visit www.vengrowth.com.
Contact:
For further information: Sheldon Kawarsky, Ph.D., Director, Business
Development, Cytochroma Inc., Phone: +1-(905)-479-5306 ext. 337,
sheldon.kawarsky@cytochroma.com