TORONTO, ON – September 13, 2005 – Veris Health Sciences Inc. (“Veris”), a diversified global health company focused on developing and marketing services and technologies related to the effects of aging with a strategic focus in ophthalmology and dermatology, today announced the closing of CDN$7.5 million in venture loan financing lead by a US$2.5 million venture loan from MMV Financial Inc.
The Company’s prime business is treating patients suffering from eye diseases, such as dry Age Related Macular Degeneration (“AMD”) through a safe and effective treatment known as Rheopheresis. Rheopheresis enhances the blood circulation of a patient’s eyes, improving delivery of nutrients to compromised retina to stabilize or, in most cases, improve vision of patients with dry AMD. The Company currently has patient treatment centers in Windsor, Ottawa, and Toronto, and intends to open similar facilities in Montreal, Calgary, Vancouver, London, Hamilton, and Quebec City in the coming months.
The most common symptoms for dry AMD include central vision and subtle colour loss, as well as distortion, which affects activities such as reading, writing and driving. According to the Canadian National Institute for the Blind, 2.1 million Canadians are afflicted with some form of AMD, and it is the leading cause of vision loss for people over 50 years of age.
“Veris’ approved rheopheresis treatment procedure is demonstrating positive results in reducing, and in many cases improving, vision loss of dry AMD patients since its clinics opened in January,” said Ron Patterson, Executive Vice President of MMV Financial Inc. “The management team led by John McMahon, CEO and Chairman and Dr. Jeffrey Machat, Chief Medical Officer is highly seasoned and respected within the international eye care community and is building a quality organization in every way.”
“The team at MMV Financial was a pleasure to deal with from start to finish of this financing” said John McMahon. “The capital raised in this financing has given us the ability to continue to roll out our business plan but minimizes dilution to our existing shareholder base.”
About Veris Health Sciences:
Based in Toronto, Ontario, Veris Health Sciences is a global healthcare company specializing in the research, development and deployment of new technologies that enhance the health, quality of life and well being of the patients it serves. Veris Health Sciences and its wholly-owned subsidiaries Veris Ocular Sciences, Veris Aesthetics and Veris Medical Research work closely together to provide patients with the most advanced professional care, health technologies and current information on the efficacy of available health and wellness treatments.
About MMV Financial:
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to early to mid-stage life sciences and technology companies with a focus on the Canadian and North American sectors. The firm is backed by top U.S. 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:
Optimum Public Relations
(613) 563-2292, Ext 232
Executive Vice President
MMV Financial Inc.