Painceptor Pharma Corp. Achieves Development Milestones For Innovative Pain Therapeutics Programs
The performance milestones were part of the Company’s $23 M Series A venture funding in March, 2004, and specified a number of scientific and corporate development goals and timelines. As a result of meeting these objectives, the second and final tranche of the Series A financing has been released.
The most notable of these milestones was the selection of pre-clinical lead candidates for each of PainCeptor’s two key programs, ASIC 1 and NGF/P75 antagonists. These candidate selections will enable the programs to advance through the pre-clinical toxicology and pharmacokinetics stages and remain on schedule for IND and the commencement of clinical trials in 2006 and early 2007, respectively.
“We are very pleased with the promising data we have obtained and the efficacy we have demonstrated to date”, commented Dr. Louis Lamontagne, President and CEO of PainCeptor. “Our investors continue to share our excitement about the significant potential for treating pain by targeting sensory neurons in the peripheral nervous system.”
About PainCeptor Pharma Corp. PainCeptor Pharma is developing next generation therapeutic drugs for the treatment of chronic and acute pain. PainCeptor’s resources are concentrated on some of the most promising, novel, yet scientifically validated therapeutic targets within the peripheral nervous system (PNS). By focusing on modulating target receptors in the PNS, PainCeptor expects to enhance the efficacy and avoid the many detrimental side effects associated with today’s pain drugs which act primarily in the CNS (central nervous system). PainCeptor’s development pipeline includes two lead antagonist programs, targeting ASIC 1 and NGF/p75, and a third antagonist program targeting ASIC 3. PainCeptor Achieves Development Milestones for Innovative Pain Therapeutics Programs.
With offices in Montreal and Ottawa, Canada, PainCeptor has raised $23 M in venture capital funding to date. Investors include CDP Capital (managed by VantagePoint Venture Partners), Business Development Bank of Canada, MDS Capital (CMDF), Desjardins Venture Capital, Lothian Partners SARL 27, and T2C2/Bio 2000. PainCeptor also has an ongoing collaboration in its ASIC program with NeuroSearch A/S, a publicly traded Danish biopharmaceutical company, and PainCeptor shareholder.
For more information, please visit our website at www.PainCeptor.com or contact:
Dr. Louis Lamontagne President and CEO PainCeptor Pharma Corp. Tel: (514) 337-5959 e-mail: llamontagne@PainCeptor.com