MONTREAL--(BUSINESS WIRE)--Genizon BioSciences today announced the first closing of its Series D equity financing, in the amount of CDN$10 million. Investors include Pfizer Inc. (NYSE:PFE - News) and existing investor BTF B.V. of Haarlem, The Netherlands, a venture capital fund focused on late stage biotechnology companies. Pfizer's investment in Genizon is related to a license and collaboration agreement announced January 16, 2007.
Genizon will use the funds to conduct genome-wide association studies in the Quebec Founder Population and to enhance and commercialize discoveries already generated from previous studies.
"Genizon is poised to capitalize on its lead in genome-wide scanning and disease gene discovery, and this will be enabled by this financing," said John Hooper, Ph.D., President and CEO of Genizon. "Pfizer's investment validates Genizon's technology, as does Pfizer's collaboration in three of Genizon's programs. We are also pleased by the additional investment from BTF, which will be pivotal in adding value."
"We are excited about Genizon's development over the last year," stated Jan Mellegers, CEO of BTF. "This additional investment in the company reinforces our belief in the value being generated by Genizon's gene discovery programs and through its alliances."
Genizon conducts genome-wide association studies involving more than 40,000 members of the Quebec Founder Population, whose extensive genetic sharing and low genetic variability are ideally suited for the discovery of genes affecting people worldwide in the many common diseases with strong genetic components. Genizon has completed eight genome-wide association studies to date, with several planned for 2007.
About Genizon BioSciences
Genizon BioSciences Inc., founded in 1999, is the only source for GeneMaps--comprehensive maps of genes, genetic markers, biochemical pathways and drug targets that are unequivocally involved in causing human disease-accelerating the development of safer, more effective medicines. GeneMaps also lead to the development of predictive diagnostics that facilitate personalized medicine. Genizon's proprietary, automated gene discovery platform using genome-wide association studies involving thousands of members of the Quebec Founder Population provides unprecedented understanding of the genetic origins and mechanisms of common diseases, resulting in the best possible drug targets and genetic markers. The company's GeneMaps provide pharmaceutical partners with intellectual property that creates opportunities for leadership in many therapeutic areas by bringing to market better treatments that address the root causes of diseases. Genizon is conducting gene discovery programs in more than 25 common diseases. Genizon's genotyping and genetic analysis services also assist partners in rapidly generating statistically reliable gene discoveries from existing DNA collections.
Genizon BioSciences, Inc.
Henry Bretecher, +1 514-270-3991 ext. 230
Chief Financial Officer
Lauren Arnold or Wendy Mejia, +1 781-684-0770
Source: Genizon BioSciences, Inc.
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