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Montigen Pharmaceuticals Inc. Closes $5.2M Series A Financing



10/19/2005 5:10:11 PM

SALT LAKE CITY, May 13 /PRNewswire/ -- Montigen Pharmaceuticals Inc., a biopharmaceutical company engaged in the identification and development of novel therapeutics to treat cancer and other serious human diseases, today announced that it has closed a $5,200,000 Series A financing. Terms were not disclosed. D. McKay Anderson, Montigen's Chief Executive Officer, commented: "Completion of this financing provides Montigen with the resources to advance our lead compound into Phase I clinical trials, and further bolster the capacity of our proprietary discovery and development engine."

Montigen is in late-stage pre-clinical testing with its lead drug candidate MP-470, a multi-targeted novel small molecule tyrosine-kinase inhibitor. The company is also developing MP-235, a small molecule inhibitor of Aurora-A kinase.

"This funding enables us to complete pre-clinical development of MP-470, and further advance MP-235," said Dr. David Bearss, co-founder and Chief Scientific Officer of Montigen. "In parallel we will continue to progress our internal development technologies and robust pipeline, focusing on the optimization of additional small molecule inhibitors discovered by Montigen scientists."

About Montigen Pharmaceuticals

Montigen is a drug discovery and development company dedicated to alleviating human suffering by developing novel therapeutics to treat and cure life-threatening diseases. Montigen utilizes its revolutionary CLIMB(TM) drug development platform and is developing two promising compounds: MP235, a novel small molecule inhibitor of Aurora-2 kinase, a gene amplified in most human cancer cells; and MP470, a small molecule PDGF/C-kit receptor, both tyrosine-kinase receptors that play critical roles in transducing growth signals to cancer cells.

Montigen is a privately held company headquartered in Salt Lake City, Utah. For additional information, please visit the company's website at http://www.montigen.com/.

Montigen Pharmaceuticals Inc.

CONTACT: D. McKay Anderson, CEO of Montigen Pharmaceuticals, Inc.,+1-801-478-1645, or fax, +1-801-466-3892, danderson@montigen.com


Read at BioSpace.com


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