MARKHAM, ON, July 26, 2011 /PRNewswire/ - Cytochroma today announced that it
has closed an equity investment of $1 million from the Investment
Accelerator Fund, a fund of the Province of Ontario that invests in
emerging Ontario technology companies. The investment is designed to
advance and accelerate the Company's development of CTAP101 Capsules, a
product currently in a Phase 2b study for the treatment of secondary
hyperparathyroidism associated with vitamin D insufficiency in patients
with non-dialysis chronic kidney disease.
"Cytochroma demonstrates great potential to develop and commercialize
new treatments to global health problems and create new jobs for
Ontario families," said Michael Chan, Member of Provincial Parliament,
Markham-Unionville. "We're proud to help tomorrow's industry leaders
get their start today here in Markham."
"We're proud of Ontario's creative environment," said Glen Murray,
Ontario's Minister of Research and Innovation. "Our highly skilled
workforce, world-class education system and internationally recognized
research community are all second to none. Our government invests in
innovative companies like Cytochroma so that our province's best ideas
can flourish, create jobs and improve the lives of Ontarians, now and
in the future."
"Cytochroma is grateful for the support of the Investment Accelerator
Fund, MaRS, and the Province of Ontario," said Dr. Charles W. Bishop,
President & CEO. "The Company is committed, with Ontario's backing, to
reducing the high morbidity and mortality in the fragile and rapidly
growing chronic kidney disease patient population."
About CTAP101 Capsules
CTAP101 Capsules is being developed as a first-in-class treatment for
vitamin D insufficiency and elevated PTH levels in CKD patients. The
product is designed to reliably raise serum total vitamin D pro-hormone
concentrations to levels of 30 ng/mL or higher, while also lowering the
risk of side effects associated with other vitamin D treatments.
CTAP101 Capsules is intended to help nephrologists treat and/or prevent
SHPT associated with vitamin D insufficiency.
About Chronic Kidney Disease
CKD is a condition characterized by a progressive decline in the
function of the kidney, which is normally responsible for excreting
waste and excess water from the body, and for regulating various
hormones. CKD is classified in five different stages - mild (stage 1)
to severe (stage 5) disease - as measured by the kidney's glomerular
filtration rate. According to the National Kidney Foundation, CKD
afflicts over 26 million people in the United States, including more
than eight million patients with moderate (stages 3 and 4) and severe
(stage 5) forms of CKD. In stage 5 CKD, kidney function is minimal to
absent and patients require regular dialysis or a kidney transplant for
About Investment Accelerator Fund-Life Sciences
The Investment Accelerator Fund-Life Sciences (IAF-LS) helps accelerate
the growth of life sciences companies in Ontario. The fund invests up
to $1,000,000 in seed and later stage financing in companies that have
the potential to be global leaders in their field and provide
sustainable economic benefits to Ontario. Funded by the Government of
Ontario, the fund is a $7 million program that helps innovative life
sciences companies turn their discoveries into new products and
services that meet patient needs. The IAF-LS is delivered by MaRS . For
more information, please visit www.marsdd.com/iaf-lifesciences.
Cytochroma is a clinical stage specialty pharmaceutical company focused
on developing and commercializing proprietary products to treat and
prevent the clinical consequences of vitamin D insufficiency and
secondary hyperparathyroidism associated with chronic kidney disease
(CKD). The Company specializes in developing new therapies which are
designed to safely and effectively treat patients with stage 3, 4 or 5
CKD. Cytochroma also has a portfolio of CYP24 and phosphate-uptake
inhibitors in early stage development.
For more information about Cytochroma, please visit www.cytochroma.com.