Gemin X Secures U.S. $12.6 Million in Second Round Funding
- Canadian Biotech Attracts Investors From The U.S., Europe and
Canada To Advance Cancer Programs -
Montreal, QC — May 3rd, 2001 — Gemin X Biotechnologies Inc. (Private: GMNX), today announced the closing of its second round of financing for U.S. $12.6 million dollars (CDN $19.1 million). The financing included the full participation of the Company's existing investors, as well as new investors from the United States, Switzerland and Canada. The proceeds will be used primarily for advancing its lead cancer therapeutic, which is currently in pre-clinical testing. The compound acts by promoting apoptosis (the body's natural defense against damaged cells) across a variety of cancers.
" Attracting investors from the U.S. and Europe, in addition to getting full participation from our initial Canadian investors, signifies a major accomplishment as our lead cancer therapeutic advances toward clinical trials." said Dan Giampuzzi, President and CEO of GMNX and former executive at Hoechst Marion Roussel, Searle and Monsanto. "The company has thus far achieved its first three milestones since its founding by researchers at McGill University two years ago. The first was to establish our four drug discovery and development programs, the second was to bring in an accomplished management team, and the third was to secure this funding, which gives us the resources to add significant value to our lead drug candidates as we pursue corporate partnerships."
Sanderling Venture Partners V LP, Menlo Park, California is the lead investor and is joined by Canadian Medical Discoveries Fund Inc., Sofinov, Société Financière d'Innovation and first-time investors BioCapital Investments Limited of Montreal, MVI Medical Venture Investments Limited of Basel, Switzerland and the Business Development Bank of Canada. Proceeds will also be used for advancing its research programs, general administration and working capital.
"Gemin X is an attractive investment prospect for Sanderling because at their young age, they already possess the indicative traits for a successful corporation, including a proven management team, lead by Dan Giampuzzi, a promising scientific platform, directed by Gordon Shore, Ph.D., an internationally recognized cancer researcher, and a secure patent portfolio allowing them to operate freely in their research space," said Robert McNeil, Ph.D., General Partner of Sanderling Ventures. "Moreover, because their lead compounds share a likeness to existing drugs and act via a novel mechanism for which there are currently no available therapies, there exists a significant market opportunity for the Company to fill."
Gemin X Biotechnologies Inc., specializes in the discovery and development of novel cancer therapeutics, which modulate apoptosis, the body's natural defense against injured or damaged cells. Using its proprietary discovery platform, Gemin X has identified a family of small molecules that effectively inhibit the Bcl-2 protein, a validated drug target implicated in B cell lymphoma, breast, lung, prostate, and colorectal cancer. Additionally, the company has programs dedicated to the identification of novel cancer targets and therapeutics; discovering small molecules that promote apoptosis in cells infected with latent viruses; and finding compounds that act against p53 independent chemo-resistant cancers. Gemin X, headquartered in Montreal, Quebec, was founded in 1997, and employs approximately 30 people.
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