VANCOUVER, April 24, 2013 /PRNewswire/ - viDA Therapeutics Inc. announces
completion of a second tranche, equity financing of $750,000 bringing
the total gross proceeds of the seed round financing to approximately
$3,646,000. This additional funding of $750,000 from the Business
Development Bank of Canada's venture capital arm (BDC Venture Capital)
marks completion of key, preclinical milestones, supporting continued
development of viDA's lead molecule (a granzyme B inhibitor) as a
treatment for certain fibrotic, autoimmune, degenerative and
age-related chronic inflammatory diseases.
"We are proud of the progress we have made since the initial tranche of
the seed round financing in July, 2011 and are pleased to have the
continued investor support of BDC Venture Capital," said Alistair
Duncan, President and CEO of viDA Therapeutics Inc. "Completion of the
second tranche is not only a strong indication of BDC Venture Capital's
confidence in the strength and depth of our extracellular granzyme
inhibition program, but equally demonstrates their belief in our
ability to deliver quality and timely R&D outcomes. We intend to
continue our aggressive approach to advance our lead compound and to
continue as innovators in the newly emerging, exciting field of
extracellular granzyme inhibition for treatment of a range of
The initial financing was completed on July 28, 2011. The second tranche
was completed by issuance of additional common shares to BDC Venture
Capital. Charles Cazabon, Managing Partner of BDC Venture Capital,
commented: "We are pleased with viDA's progress against the previously
established technology-driven milestones and we look forward to
providing additional support as the Company moves into the next phase
of research and development."
The proceeds will fund continued preclinical investigation of viDA's
lead compound as a first in class treatment for chronic dermatological
inflammatory conditions. The financing will also enable continued
discovery and development of a suite of additional novel, small
molecule, granzyme inhibitors designed for multiple routes of
administration to treat the broad range of degenerative and
inflammatory diseases in which extracellular granzymes participate. A
patent filing for a series of novel, small molecules that target
inhibition of Granzyme B was completed on March 29, 2013.
About viDA Therapeutics
viDA Therapeutics Inc. is a platform-based, biotechnology company that
is developing first in class therapeutics, across a broad range of
diseases, that capitalize on its recent discovery of a new mechanism of
action for a well characterized protease target, Granzyme B (GzmB).
This emerging science is leading to new potential treatments for
diseases of fibrosis, inflammation and aging and is pivotal in
understanding the underlying causes of diseases affecting vasculature,
skin, musculoskeletal and potentially neurological systems. GzmB is one
of a family of five serine proteases now emerging as key targets for
drug development given recent discoveries of their extracellular
actions. viDA is developing a suite of granzyme inhibitors designed
for multiple routes of administration to treat chronic and orphan skin
conditions, fibrosis, rheumatoid arthritis, and cardiovascular disease.
For more information, please visit www.vidatherapeutics.com.
About BDC Venture Capital
BDC Venture Capital helps transform great ideas into great companies.
With more than $1 billion in current and planned investments and
25 years of experience in venture capital, BDC Venture Capital focuses
on innovative IT, health, and energy/clean technology companies, as
well as venture funds, with high growth potential. BDC Venture Capital
works with entrepreneurs and venture capital investors in the private
sector to build outstanding Canadian companies. BDC Venture Capital is
involved at every stage of the development cycle, from seed through
expansion to exit, and its goal is to deliver excellent return on
investment, while working to create a sound financial ecosystem for
Canadian technology ventures. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.
SOURCE viDA Therapeutics Inc