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BioAxone Therapeutic Inc. Announces Closing Of $5.1 Million


12/19/2005 10:26:22 AM

MONTREAL, Dec. 19 /PRNewswire/ - BioAxone Therapeutic Inc., a Montreal- based neuroscience company, is pleased to announce the recent closing of $5.1 M, the last tranche of a second-round investment of $12.15 M, fully subscribed by its current investors T2C2/Bio2000, Solidarity Fund QFL, Desjardins Venture Capital and Lothian Partners 27 SARL. The investment was made following the completion of key milestones related to the Company's on- going phase I/IIa clinical trial in acute spinal cord injury (SCI), as well as progress in corporate development. Since the trial's initiation in February of this year, 20 patients have been enrolled in 10 U.S. and Canadian sites.

"BioAxone is making rapid progress in advancing the clinical development of its small and large molecule drug candidates in spinal cord injury and eye diseases", said Frank Bobe, President and CEO. "This recent investment will allow us to complete our phase I/IIa clinical trial in acute spinal cord injury by June of next year, and advance to a phase IIb/III trial before the end of 2006."

BioAxone Therapeutic Inc. is a privately owned neuroscience company specializing in the development and commercialization of proprietary technologies that target Rho signaling. The Company has one product in clinical development for the treatment of acute spinal cord injury and several product candidates in preclinical phase for the treatment of age-related macular degeneration and glaucoma. Established in April 2000 and headquartered in Montreal, Canada, BioAxone has demonstrated expertise in recombinant protein product development and has a focused small molecule program.

Source: BIOAXONE THERAPEUTIC INC.


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