TORONTO, June 29 /PRNewswire/ - Cytochroma Inc. of Markham, Ontario, Canada announced today that it has acquired Proventiv Therapeutics LLC of Madison, Wisconsin, USA. The acquisition expands Cytochroma’s broad vitamin D product portfolio and uniquely positions the company to exploit current and future opportunities in chronic kidney disease (CKD), psoriasis, cancer, vitamin D deficiency and related disorders. The acquisition also establishes a Cytochroma United States base of operations in Madison, Wisconsin. The combined company now has multiple lead candidates in clinical development for psoriasis and entering clinical development for vitamin D deficiency and secondary hyperparathyroidism in patients with moderate to severe CKD.
The acquisition also brings an experienced executive team with a proven track record of success in vitamin D product commercialization in North America. This team is headed by Charles W. Bishop, PhD who has assumed the position of President and CEO of Cytochroma, replacing outgoing James M. Rae. Two other members of this team, Keith H. Crawford, MBA and Eric J. Messner, MBA, have assumed roles as Vice President, Strategic Planning and Vice President, Commercial Operations, respectively. Coincident with these changes, Jay A. White, PhD has been appointed to Vice President, Product Development. Dr. White was formerly Vice President, Operations at Cytochroma. Martin Petkovich, PhD and Jukka K. Karjalainen, MD, PhD will continue in their present roles at Cytochroma as Chief Scientific Officer and Vice President, Clinical Affairs, respectively.
“We are excited about combining these exceptionally complementary organizations”, Dr. Bishop remarked. “Together, they have a greatly enhanced capability to rapidly develop and commercialize new vitamin D therapies.”
Mr. Rae, Cytochroma’s out-going CEO, stated, “Both parties have leading edge products in the expanding vitamin D sector. The acquisition of Proventiv and the leadership of Dr. Bishop will ensure the realization of Cytochroma’s value at the international level.”
About Vitamin D Deficiency and Secondary Hyperparathyroidism in CKD
-------------------------------------------------------------------
According to the National Kidney Foundation (NKF), more than nine million North American patients suffer from moderate to severe CKD. Many develop vitamin D deficiency and secondary hyperparathyroidism which, if untreated, can cause debilitating bone diseases and increased patient morbidity and mortality.
“Today, clinicians are unable to fully meet the NKF’s guidelines for treating and preventing vitamin D deficiency and secondary hyperparathyroidism in CKD patients,” observed Geoffrey A. Block, MD, Director of Research, Denver Nephrology PC. Cytochroma’s newly expanded product portfolio, when commercialized, will provide clinicians with additional therapeutic tools to attain the NKF goals.”
About Cytochroma ----------------
Cytochroma (www.cytochroma.com) is an integrated specialty pharmaceutical company engaged in the development and commercialization of proprietary products to treat and prevent the clinical consequences of diseases and disorders related to vitamin D deficiency. The company has an advanced portfolio of new products targeting vitamin D deficiency and secondary hyperparathyroidism in patients with moderate to severe chronic kidney disease and end-stage renal disease. In addition, the company is developing novel vitamin D therapies to treat hyperproliferative disorders such as cancer and psoriasis.
Cytochroma has raised over $39 million Canadian to date in private funding. Investors include VenGrowth Advanced Life Sciences Fund Inc., GeneChem Technologies Venture Fund L.P., Canadian Medical Discoveries Fund Inc., GrowthWorks Canadian Fund Ltd., BDC Capital Inc., Novo A/S, T2C2/Bio 2000 Limited Partnership, Venturelink Fund Inc., University Medical Discoveries, Inc., Caisse de Depot et Placement du Quebec.
Cytochroma Inc.
CONTACT: Eric J. Messner, Vice President, Commercial Operations at (905)479-5306 ext. 338
