Cytochroma Inc. Announces $1 Million Investment By Ontario's Investment Accelerator Fund
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 survival.
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.
About Cytochroma
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.
SOURCE Cytochroma