MINNEAPOLIS--(BUSINESS WIRE)--Dec. 10, 2003--Medisyn Technologies, Inc., an early stage biotechnology company focused on designing and characterizing new drugs, announced today that it has completed a $1.5 million bridge financing. Current investor Sherpa Partners led the round that included new venture capital and angel investors. Proceeds from the financing will be used to further the testing of promising lead drug candidates and fund the completion of pilot projects already underway with major pharmaceutical partners.
Gerald R. Mattys, Medisyn's chief executive officer, commented on the company's financing: "Even in this tough financing environment, we were able to convince both new and existing investors to participate in this round because of our success in achieving commercial validation milestones. This financing will allow us to expand testing of our most promising lead drug candidate, MT103 for treating lung cancer. It also affords us the opportunity to broaden our partnerships with leading pharmaceutical companies looking for new drug candidates and technologies that help speed drug development."
"Pharmaceutical companies are partnering with companies like Medisyn to gain early access to promising drug candidates," stated Steven Pederson, Partner, Sherpa Partners, LLC. "This year, Medisyn has validated their proprietary approach to drug design and assessment and made significant progress in bringing their first drug into human trials. We are excited about helping Medisyn realize their vision for bringing new drug therapies to market."
ABOUT MEDISYN TECHNOLOGIES
Medisyn Technologies is a drug design and assessment company focused initially on treating cancer. Its proprietary Forward Engineering(TM) platform uses molecular topology to uncover underlying functional similarities in compounds and can design, discover and assess the drug-like properties of new lead candidates in weeks. Medisyn is completing pre-clinical validation on MT103, a promising lead candidate for non-small cell lung cancer, and has 26 other anti-cancer compounds in varying stages of development. Medisyn seeks to become the preeminent source of predictable drug candidates by collaborating with leading biotechnology and pharmaceutical companies looking to reduce the risk of drug discovery.
Medisyn Technologies, Minneapolis Gerald R. Mattys, 952-475-8084 or
David Land, 952-475-8084 http://www.medisyntech.com/
Source: Medisyn Technologies, Inc.