MONTREAL, May 23 /PRNewswire/ - Innodia Inc. announced today that it has been selected as a winner of the annual "Red Herring 100 North America" award by Red Herring magazine. This award recognizes 100 privately held North American companies that play a leading role in innovating the technology business.
"Innodia is one of only a handful of Canadian companies to receive this distinction. We are truly thrilled that our work in developing breakthrough drugs to help treat diabetes and obesity is recognized by this prestigious award. In fact, this award sets us apart from other companies in our field and motivates our ongoing commitment to pursue work to help fight the global epidemics of diabetes and obesity," stated Dr. Claude Vezeau, President and CEO of Innodia.
"With venture capital flowing again, we're seeing a lot of innovative new companies taking on the established players with disruptive technologies and innovative business plans," said Joel Dreyfuss, Editor-in-Chief of Red Herring. "The Red Herring 100 North America companies, among them Innodia, are pushing and breaking the boundaries of the technology business and we are excited to report on their success stories."
Red Herring's lists of top private companies are an important part of the renowned magazine's tradition of identifying new and innovative technology firms and entrepreneurs. Companies like Google and eBay were spotted in their early days by Red Herring editors as some that would change the way we live and work.
After receiving more than 1,000 submissions and nominations, Red Herring's editorial staff rigorously evaluated Innodia and the other contenders through a careful analysis of financial data and subjective criteria, including quality of management, execution of strategy, and dedication to research and development. The Red Herring 100 North America companies are at the forefront of the technologies that are changing our lives in profound ways.
About Innodia
Innodia is a privately held biopharmaceutical company engaged in developing and bringing to the market novel oral drugs for the treatment of diabetes and underlying diseases. The Company's strategy is to in-licence early-stage novel compounds and develop them through Phase II clinical trials prior to seeking strategic alliances. ID 1101 is Innodia's lead anti-obesity drug candidate, having completed Phase I trials. ID 1135, a dual-acting antidiabetic drug candidate, is expected to enter clinical trials in the second half of 2006. In addition, two other antidiabetic compounds are in earlier stages of development. Additional information about the Company can be obtained from Innodia's website at www.innodia inc.com.
About Red Herring Magazine
Red Herring magazine is a sophisticated insider's guide to the business of technology, featuring unparalleled insights on the emerging technologies driving the economy, from the Internet to wireless communications and digital entertainment. Red Herring's journalists report on how innovation and entrepreneurship are transforming business and how the business of technology is transforming the world, providing readers with a deep understanding of venture capital and capital markets. Recognized as an essential resource in today's fast-changing business world, Red Herring gets the right answers before anyone else even thinks to ask the questions. More information on Red Herring is available on the Internet at www.redherring.com.
INNODIA INC.CONTACT: Karen Eugeni, P.Eng., MBA, Senior Director, Business Developmentand Communication, Innodia Inc., (450) 781-8818 ext. 2419, Fax: (450)781-8819, keugeni@innodia-inc.com, www.innodia-inc.com