Healthcare Industry News: Cytochroma
News Release - January 17, 2007
Cytochroma Inc. Announces Completion of $21 Million Financing RoundMARKHAM, ON, Jan. 17 (HSMN NewsFeed) - Cytochroma announced today that it has secured $21 million in new funding for the advancement of product development programs targeting vitamin D deficiency and related diseases in chronic kidney disease (CKD). The new funding will support clinical trials with three investigational new drug products which are scheduled to begin in 2007. The financing round was led by The VenGrowth Advanced Life Sciences Fund, Novo A/S, and GeneChem Technologies Venture Fund.
Cytochroma's lead products include new treatments for secondary hyperparathyroidism and vitamin D deficiency in patients with CKD. CTAP201 is a new treatment for secondary hyperparathyroidism in patients with CKD. A follow-on compound, CTA018, utilizes a novel, dual mechanism of action to both activate the vitamin D hormone receptor and prevent vitamin D hormone catabolism, which improves efficacy. CTAP101 will treat vitamin D deficiency, which is now recognized as a common untreated disorder in the CKD patient population. According to published literature, there are approximately 6.5 million CKD stage 3-5 patients in North America with low levels of 25(OH)D, an accepted measure of vitamin D status. This number is expected to grow to over 9 million patients by 2010. New therapies are needed to address this unmet medical need.
"We believe that Cytochroma is uniquely positioned to drive investor returns with high value pharmaceutical products, and the Company has demonstrated its ability to execute clinical development programs," stated Luc Marengere, Ph.D., Managing General Partner at VenGrowth.
"This new financing will allow Cytochroma to achieve key milestones in the advancement of our product portfolio into the clinic," stated Charles Bishop, Ph.D., President and CEO of Cytochroma. "We are excited about our new vitamin D products, and are aggressively moving our clinical plan forward in 2007."
About Cytochroma Inc.
Cytochroma Inc. 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 is a privately held company with offices in Markham, Ontario and Madison, Wisconsin. For more information, please visit the company's website at www.Cytochroma.com.
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