Mimetogen Pharmaceuticals Inc. Closes Series A Financing and Completes Exclusive Licensing Agreement with McGill University 
Mimetogen Pharmaceuticals Inc. Closes Series A Financing and Completes Exclusive Licensing Agreement with McGill University
Montréal, Québec – March 23rd, 2006 – Mimetogen Pharmaceuticals Inc. (“Mimetogen”), a privately held drug development company, announced today that it has successfully completed a Series A equity financing led by Boston-based VIMAC Milestone Medica Fund with MSBi Capital returning as a co-investor. The Company has also completed negotiations with McGill University, Montréal for the exclusive worldwide rights to develop and commercialize novel technologies and therapeutics in the areas of cancer and glaucoma.
Mimetogen is engaged in the development of pharmacologically active small molecules that mimic the action of peptides (referred to as “peptidomimetics”) as well as of small peptides that bind to both scientifically well-validated targets and novel targets. Mimetogen’s lead products are being developed to treat diseases for cancer and glaucoma and are a result of the discoveries made at McGill University by a team led by Dr. Uri Saragovi, an Associate Professor of Pharmacology and Therapeutics, who is a co-founder of Mimetogen.
Earlier this year, Mimetogen appointed Garth Cumberlidge, Ph.D., a leading pharmaceutical industry executive with experience in domestic, U.S. and international markets, as its CEO and President. Previously, Dr. Cumberlidge was the CEO and President of Qbiogene Inc. and grew revenues over ten-fold during his tenure. “We are extremely happy that VIMAC led this financing round, adding very significant international experience in the financial, business, and scientific arenas to the company’s capabilities,” said Dr. Cumberlidge. “This investment will now allow the company to move our lead compounds towards human clinical trials.”
Dr. Dana Ono, Managing Director at VIMAC Milestone Medica, will join Mimetogen’s Board of Directors. “The pharmacological approach used by Dr. Saragovi to generate Mimetogen’s lead compounds makes for a very exciting investment,” said Dr. Ono. “We are enthused about the future commercial prospects for Mimetogen. Our financing will enable the company to move closer towards providing therapies for patients with compelling medical needs.”
About VIMAC Milestone Medica
VIMAC Milestone Medica Fund is an early stage life sciences fund co-sponsored by VIMAC Ventures LLC, RBC Technology Ventures, and BTG. The Boston-based fund is focused on companies along the East Coast of the U.S. and into Ontario and Quebec. Joining the co-sponsors are a number of institutional investors including The Solidarity Fund QFL, headquartered in Montreal, with more than C$6.2 billion in assets, and other leading Montreal institutions. As a result of the strong support of these LPs, VMM has a unique focus on the Quebec life sciences community. Please visit www.vimac.com.
About MSBi Capital
MSBi Capital is a seed and early stage venture capital fund dedicated to commercializing innovations in information technology, life sciences and the physical sciences. MSBi Capital has a particular focus on establishing and building companies based on technology advancements and inventions originating from the universities of McGill, Sherbrooke and Bishop’s, as well as their affiliated hospitals and research institutes. More information about MSBi is available at www.msbi.ca.
About Mimetogen Pharmaceuticals Inc.
Mimetogen was created in December 2004 to develop peptidomimetics as novel approaches to indications with high unmet medical needs. The underlying technology has been developed over a period of 10 years at McGill University and the Lady Davis Institute for Medical Research in Montréal. The Company is currently developing novel therapeutic approaches for small cell lung cancer and for glaucoma. Mimetogen also possesses a pipeline of validated leads in vivo for other indications (such as neurodegenerative disease and pain) that it plans to partner. Please visit www.mimetogen.com.
About McGill University
Founded in 1821, McGill University is Canada’s leading research-intensive university. McGill has 21 faculties and professional schools, offering more than 300 programs from the undergraduate to the doctoral level. There are approximately 23,000 undergraduate students and 7,000 graduate students at McGill’s two campuses in Montreal, Canada. McGill is one of two Canadian members of the American Association of Universities. Please visit www.mcgill.ca.
CONTACT:
Mimetogen Pharmaceuticals Inc.
Garth Cumberlidge
President and CEO
(514) 667-5869
EDITORIAL CONTACT:
MSBi Capital
Zara Myles
(514) 982-9044
