Cytomics Systems Completes € 10 Million Round of Financing
News Mar 17, 2006
Cytomics Systems has announced that it has raised € 10 million (USD 11,9 million) in a 2nd round of financing from a group of investors led by Edmond de Rothschild Investment Partners and Truffle Venture.
Societe Generale Asset Management Alternative Investments (SGAM AI), investor of the Company since 2003, also supported this financing round. Aelios Finance acted as financial advisor on behalf of the Company.
This round will enable the company to accelerate the development of its antifungal compounds – which recently generated positive preclinical results.
Cytomics Systems will also initiate preclinical studies in a second program based on compounds that inhibit the in-vitro proliferation of human cancer cells. These molecules represent a new generation of proteasome inhibitors for the development of new therapies against cancer.
Following this fund raising, Cytomics Systems announce the appointment of Dr John J. Thebault to the newly created position of Director of Clinical Research.
Dr Thebault contributes extensive international experience as the founder and manager for over 20 years of Aster Cephac, a leading European CRO specialised in early-stage clinical studies.
Leveraging research conducted at CNRS, Cytomics Systems is utilizing UbiScreen®, a proprietary cell-based high-throughput screening technology to discover drugs controlling protein turnover by the Ubiquitin Proteasome pathway.
This pathway is involved in many diseases such as cancer, fungal infections, inflammatory and neurodegenerative diseases.
2/3 Dominique Thomas, CEO of Cytomics Systems said, "We are delighted to welcome a syndicate of leading investors. This confirms the superior potential of the Company and validates the financial support of SGAM AI since the first round in 2003."
"Cytomics Systems is now in a position to achieve major milestones in the promising field of hospitalacquired fungal infections and to establish itself in the field of oncology where we believe we can deliver significant therapeutic advances."
Gilles Nobecourt, Life Sciences Partner at Edmond de Rothschild Investment Partners, commented, "Thanks to the solid knowledge accumulated by the Company in the field of the Ubitquitine-Proteasome, its innovative cell-based screening platform and a rigorous approach we are convinced their expertise has significant chances to lead to novel therapeutics addressing unmet medical needs."
Dr Philippe Pouletty, General Partner Biotech at Truffle Venture added, "Cytomics has a uniques profile for an early-stage company encompassing: an innovative technology, a promising product under development addressing a major medical indication, and an experienced management team."
"The main goal of the Company will be to make the clinical development of its first drug a success."
As a result of this second-round financing, Dr. Thebault is appointed President of the Supervisory Board. Dr Phillipe Pouletty will act as its Vice-President. Dr Beatrice Llirbat (SGAM AI), Dr Denis Gauvreau and Gilles Nobecourt complete the Supervisory Board.