MONTREAL, Nov. 20 /PRNewswire/ - Aegera Therapeutics Inc. announced today the first closing of their Series C financing, led by The VenGrowth Advanced Life Sciences Fund Inc. and supported by leading Canadian biotechnology funds. This $21 Million Series C Financing, including over $14 Million of equity, along with a venture debt facility of up to $7 Million, will fund the clinical advancement of Aegera’s three apoptosis programs, including two new clinical trials, in cancer and neuropathic pain, scheduled to be initiated in 2007.
Commenting on this funding, Dr. Michael Berendt, Aegera’s new President and CEO declared “I am extremely excited that with this first close of our Series C funding, Aegera is poised to achieve significant clinical milestones for each of our three drug programs over the next 18 months. In addition to working very aggressively on our three internal programs, we have already begun to identify additional in-licensing and merger and acquisition opportunities that will position Aegera as one of Canada’s most exciting biotechnology companies.”
Luc Marengere, Managing General Partner at VenGrowth added, “Aegera is one of the most promising private biotechnology companies in Canada today. They have successfully made the transition from the research bench to the clinic and have the management depth, intellectual property and clinical programs to rapidly develop into a leading North American biotechnology company.”
This funding was strongly supported by other existing investors including GrowthWorks, Business Development Bank of Canada, Desjardins Venture Capital, Multiple Capital and Solidarity Fund (QFL). New investors are being solicited for a second closing of this Series C funding, early in 2007.
About Aegera - Aegera Therapeutics is a clinical stage biotechnology company focused on developing drugs that control apoptosis to address major unmet medical needs. - Our lead programs are in development to induce apoptosis to kill cancer cells and to prevent apoptosis to save injured neuronal cells: - AEG35156 targets the key anti-apoptotic protein XIAP, and is currently in multiple human clinical trials for the treatment of solid tumors and leukemia; AEG35156 may also have significant potential for the treatment of autoimmune diseases. - Aegera is developing potent small molecule IAP inhibitors for the treatment of multiple cancers, inflammatory and autoimmune diseases leveraging our intellectual property and knowledge of the IAP protein family (Inhibitor of Apoptosis Proteins). - Aegera also has orally available novel small molecules in late stage preclinical development for the treatment of neuropathic pain and neuropathies induced by diabetes or chemotherapy. For more information, please visit Aegera’s website at www.aegera.com
AEGERA THERAPEUTICS INC.
CONTACT: Contact: Donald Olds,Chief Financial Officer, Aegera TherapeuticsInc., (514) 288-5532, donald.olds@aegera.com
