MONTREAL, March 28, 2006 –Chronogen, a privately-owned biotechnology company, headquartered in Montreal and developing innovative small-molecule drugs to treat age-related diseases, announced today that it has secured a US$ 3,275 million venture loan from MMV Financial Inc. to support the continuing growth of the company.
Dr. Max Fehlmann, CEO of Chronogen, stated: "These additional funds bring our cash position to cover two years of burn rate and will allow the company to advance the development of its product portfolio towards significant clinical milestones. We are proud to have MMV among our partners and their investment demonstrates the confidence generated by the promise and value of our portfolio of product candidates.”
“We believe in the potential of Chronogen to reach the market with new drugs to treat main age-related diseases”, said Jacques Perreault, Senior Vice-President, MMV Financial Inc. “'We were impressed by Chronogen's vision for creating a new category of pharmaceuticals that address the diseases that accompany aging and it is lead by a strong group of managers and scientific innovators that distinguish the company from others in this emerging field of research”.
About Chronogen Inc.
Having a remarkable know-how in the genetics of aging, Chronogen has initially developed a series of unique, rapid and reliable screening assays aimed at the identification of small molecule modulators mimicking the genetic effects obtained in C. elegans mutants, or equivalent mouse models. Efforts are now focused on the development of drug candidates which modulate the production of molecules responsible for cardiovascular, metabolic and central nervous system diseases: Reactive Oxygen Species in oxidative stress-related diseases and Lipoproteins in dyslipidemia. Drugs with a new mechanism of action such as cellular oxidative stress modulators are currently in preclinical and clinical development. For more information please visit http://www.chronogen.com/
About MMV Financial:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to mid-stage technology and life sciences companies, with a focus on the Canadian and North American sectors. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including Conning Capital Partners of Hartford, Connecticut, Caisse de dépôt et placement du Québec of Montreal, and Wells Fargo Foothill, a part of Wells Fargo Company.
For more information:
Senior Vice President
MMV Financial Inc.
Pascal Puchois, Ph.D.
VP Corporate & Business Development
Tel: (514) 521-9595 ext. 201
Fax: (514) 521-9087