BOSTON, Nov. 17 /PRNewswire/ -- AdipoGenix Inc., a metabolic disease drug discovery company, announced today that it has successfully met the initial milestone in its anti-obesity drug discovery collaboration with Johnson & Johnson Pharmaceutical Research & Development, L.L.C., (J&JPRD) which began in December 2002. The achievement involved the initial screening of selected J&JPRD compounds utilizing AdipoGenix's proprietary assay platform. The completion of this milestone enables the second phase of the agreement to commence, while also triggering an undisclosed payment to AdipoGenix.
"We are very pleased with the fast and productive advances we've made in our collaboration with J&JPRD," said P. Thomas Vogel, CEO of AdipoGenix. "Our researchers have identified several candidates that warrant further consideration, which we will be advancing in the next phase of this agreement. We look forward to continuing to grow this productive relationship."
The company also announced it has raised a Series A round of financing led by Boston University's CTF Venture Fund and Medinnova Partners Inc., an early stage technology investment company associated with the Canadian Medical Discoveries Fund and MDS Capital Corp. The company also named Gerry Brunk, a partner of MDS Capital, to its board of directors.
Mr. Brunk's appointment brings AdipoGenix's board to four members. He is responsible for the Boston office of MDS Capital where he evaluates and manages investments in emerging biotechnology and life science companies. Before joining MDS Capital he played a founding role and served as chief operating officer of two venture-backed companies in the bioinformatics and disease management sectors. Earlier, Mr. Brunk spent five years in the healthcare practice of The Boston Consulting Group after serving as a member of the investment-banking group at Credit Suisse First Boston.
"AdipoGenix is an exciting company, and has built a solid foundation to become a leading drug development company in the metabolic diseases field," said Mr. Brunk. "The company is at a very important strategic stage in its development, and I am pleased to have this opportunity to work with Tom and his team to help set and achieve its goals."
"Adding Gerry to the AdipoGenix Board is a significant step for us, and his senior-level experience and proven business knowledge will be immensely helpful as we set our future strategic direction, and actively seek to add new pharmaceutical and biotechnology industry partnerships," said Mr. Vogel.
The company also announced that it received two additional Phase I SBIR grants from the NIH in the field of anti-obesity research to discover new compounds for drug development, and for developing new assays to identify compounds that increase fatty acid metabolism.
"We are pleased to have raised these funds, and the round will stay open for additional investors until early next year. These funds, plus the revenues from the J&JPRD milestone and NIH grants, will be used for operating capital to advance our anti-obesity lead compound into pre-clinical studies, and also underscores our commitment to building our leadership position in metabolic drug delivery," Mr. Vogel said.
About AdipoGenix Inc.
AdipoGenix Inc., based in Boston, MA, was formed in 1999 by a multi-disciplinary team of scientists and doctors out of the Boston University Medical Center. The scientific founders are world experts in metabolic disorders and function, including obesity and diabetes. AdipoGenix's mission is to discover and develop novel therapeutics for treatment of obesity and type-2 diabetes. The company is currently conducting pre-clinical testing on several lead classes of compounds.
P. Thomas Vogel
President and CEO
Senior Vice President
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