MONTRÉAL, April 11, 2006 – Topigen Pharmaceuticals Inc., a biopharmaceutical company specializing in innovative respiratory therapeutics, announced today that it has secured a US$6.0 million debt financing from MMV Financial Inc. The financing announced today is in addition to the US$25 million Series B venture financing that was completed and announced in October 2005, one of the largest venture financing rounds in Canada in 2004‑2005.
Patricia Lamothe, Head of Finance at Topigen, commented on today’s financing, “Our success in obtaining this additional financing demonstrates the confidence that lenders and the venture community have in our product candidates, our business model and management’s ability to execute on our goal to bring important new respiratory disease products to patients worldwide. This will provide Topigen with extra support to allow the company to advance, extend and accelerate its product development pipeline.”
“We are proud to be associated with one of the best companies in the life sciences sector in Canada,” said Jacques Perreault, Senior Vice-President, MMV Financial. “Topigen has successfully transitioned to a Phase II clinical stage company and we are confident that Topigen possess the management, intellectual property and drug candidates to become a market leader in the respiratory field.”
Topigen is a privately-held biopharmaceutical company focused on developing new classes of inhaled drugs for respiratory disorders. Topigen’s pipeline included small molecule and RNA-based therapeutics. The Company’s Phase II products and research programs are uniquely focused on inhibiting multiple inflammatory pathways at the cellular site of lung inflammation. By topically targeting multiple affected airway receptors with drugs, the Company expects to improve outcomes for many patients with respiratory diseases. Current venture investors include Caisse, Desjardins Venture Capital, Fonds de solidarité FTQ, Lothian Partners 27 SARL, T2C2 / Bio 2000 and Business Development Bank of Canada. For more detailed information on TOPIGEN visit http://www.topigen.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 US and Canadian private equity firms and financial institutions including CCP Equity 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 visit http://www.mmvf.com.
For more information contact:
Senior Vice President
MMV Financial Inc.
Donna L. LaVoie
Tel: (781)-596-0200, ext.103
Copyright ©2006 MMV Financial Inc. All rights reserved.