FOR IMMEDIATE RELEASE
Montreal, Quebec – December 20, 2007 – AngioChem Inc. (“AngioChem”) a Montreal-based biotechnology company dedicated to creating and developing novel therapies to treat brain diseases, announced today that it has secured US $3.0 million in financing from MMV Financial Inc. This financing complements the significant amount of financing recently acquired from existing and new investors. AngioChem will use the proceeds to fund the Phase 1/2 clinical trials of its lead drug candidate, ANG1005, targeting primary (glioblastoma) and metastatic brain tumors, in addition to building its product portfolio.
“AngioChem has built an innovative technology platform for the development of drugs against a wide array of clinically important applications, including brain tumors,” said Jacques Perreault, Senior Vice President, MMV Financial Inc. “We at MMV are excited about working with the company and our investment partners to build AngioChem as a leading and innovative biotechnology company.”
“We welcome this additional financing from MMV Financial Inc. and greatly appreciate their vote of confidence in our company and our science” said Jean-Paul Castaigne, MD., Chief Executive Officer and President of AngioChem. “The funds will help AngioChem significantly step up its clinical programs and promote the development of its product pipeline.”
About AngioChem Inc.
AngioChem is a Montreal-based biotechnology company dedicated to creating and developing novel therapies to treat brain diseases. The Company leverages a breakthrough vector technology capable of transporting any size of molecule across the blood-brain barrier (BBB). AngioChem’s lead drug candidate is ANG1005, a conjugate consisting of paclitaxel (known as Taxol®) with a proprietary peptide vector for the treatment of primary (glioblastoma) and metastatic brain tumors. The Company’s portfolio also includes other programs in preclinical stage: such as ANG MAb addressing brain cancer and neurodegenerative diseases and ANG-siRNA. A detailed description of AngioChem’s activities is available at http://www.angiochem.com/
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, HSBC, NewStar Financial Inc., and Wells Fargo Company. For more information please visit www.mmvf.com.
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MMV Financial Inc.
Senior Vice President
Tel: (514) 789-6425
Fax: (514) 396-4354
Dr. Jean-Paul Castaigne
Chief Executive Office
Tel: (514) 788-7800, ext.200
Copyright ©2007 MMV Financial Inc. All rights reserved.