Mimetogen Pharmaceuticals Inc. Secures Seed Financing from MSBi Capital

by on Monday November 28th, 2005

Mimetogen Pharmaceuticals Inc. Secures Seed Financing from MSBi Capital 

Montréal, Québec – November 28th, 2005

Mimetogen Pharmaceuticals Inc. (“Mimetogen”), a privately held drug development company announced today that it has received seed financing from Montreal-based MSBi Capital.  

Mimetogen is engaged in the development of pharmacologically active small molecules that mimic the action of peptides (referred to as “peptidomimetics”) as well as of small peptides that bind to scientifically well-validated, non-proprietary and novel targets.  Mimetogen’s lead products are being developed to treat diseases in the areas of cancer and glaucoma and are a result of the discoveries made at McGill University by a team led by Dr. Uri Saragovi, an Associate Professor of Pharmacology and Therapeutics, who is a co-founder of Mimetogen.    

Earlier this year, Mimetogen appointed Garth Cumberlidge, Ph.D., a leading pharmaceutical industry executive with domain expertise as well as private equity experience in domestic, US and international markets, as its President and CEO.  Previously, Mr. Cumberlidge was the President and CEO of Qbiogene Incorporated and grew revenues over ten-fold during his tenure there.  “We are highly encouraged by the positive data achieved in animal models to date by Dr. Saragovi over ten years of research,” said Mr. Cumberlidge.  “The MSBi investment will accelerate the time required to move our lead compounds to human clinical trials.” 

Mr. Cédric Bisson, Life Science Partner at MSBi Capital, will join Mimetogen’s Board of Directors. “The pharmacological approach used by Dr. Saragovi to generate Mimetogen’s lead compounds makes for a very exciting early stage investment,” said Mr. Bisson.  “Despite its young age, Mimetogen is a relatively advanced drug development company with a rich and meaningful pipeline. Our financing will enable the company to move closer towards providing therapies for patients with compelling medical needs.”  

About MSBi Capital

MSBi Capital is a seed and early stage venture capital fund dedicated to commercializing innovations in life sciences, information technology and the physical sciences. MSBi Capital has a particular focus on establishing and building companies based on technology advancements and inventions originating from the universities of McGill, Sherbrooke and Bishop’s, as well as their affiliated hospitals and research institutes. MSBi Capital maintains offices in Montréal, Québec, Canada. More information is available at www.msbi.ca.

About Mimetogen Pharmaceuticals Inc.

Mimetogen was created in December 2004 to develop peptidomimetics as novel approaches to indications with high unmet medical needs. The underlying technology has been developed over a period of 10 years at McGill University and the Lady Davis Institute for Medical Research in Montréal. The company is currently developing novel therapeutic approaches for small cell lung cancer and for glaucoma. Mimetogen also possesses a pipeline of validated leads in vivo for other indications (such as neurodegenerative disease and pain) which it plans to partner. 

About McGill University

McGill University is Canada’s leading research-intensive university and has earned an international reputation for scholarly achievement and scientific discovery. Founded in 1821, McGill has 21 faculties and professional schools, which offer more than 300 programs from the undergraduate to the doctoral level. McGill attracts renowned professors and researchers from around the world and top students from more than 150 countries, creating one of the most dynamic and diverse education environments in North America. There are approximately 23,000 undergraduate students and 7,000 graduate students. It is one of two Canadian members of the American Association of Universities.  McGill’s two campuses are located in Montréal, Canada. 

CONTACT:

Mimetogen Pharmaceuticals Inc.

Garth Cumberlidge

President and CEO

(514) 667-5869

EDITORIAL CONTACT:

MSBi Capital

Zara Myles

(514) 982-9044

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