EDMONTON, April 8 /CNW/ - Medwell Capital Corp. ("Medwell") (TSXV: MWC) today announced that Mimetogen Pharmaceuticals ("Mimetogen") completed patient recruitment in its phase II clinical trial of MIM-D3
for dry eye disease. A total of 150 patients have been enrolled in the
trial with results expected in the second half of 2011. Under the terms
of the agreement announced on February 25, 2011, Medwell will advance a
second tranche of funds pursuant to its $2,000,000 financing
"We are very pleased that Mimetogen is on track to receive its results
in the next few months," said Kevin Giese, President and CEO of
Medwell. "If successful, this drug has the potential to become one of
the leaders in the very active ophthalmic space, where there have been
over 70 licensing deals completed in the past five years."
To learn more about Medwell's investment in Mimetogen please visit www.medwellcapital.com for a webcast.
Phase II Clinical Trial of MIM-D3 for Dry Eye Disease
Mimetogen's lead drug candidate for the treatment of dry eye disease,
MIM-D3, is a small molecule mimetic of nerve growth factor (NGF). NGF
is a naturally occurring protein in the eyes that is responsible for
the maintenance of corneal nerves and epithelium, mucin and tear
production. In contrast to most other products in development or on the
market, MIM-D3 is designed to quickly and directly improve the quality
of the tears produced by the eyes whilst reducing symptoms of chronic
burning and stinging. Dry eye disease is estimated to be a $1 billion
US market for which there is currently only one FDA-approved treatment.
The Phase II randomized, double-masked, multi-center, placebo-controlled
trial designed to evaluate the safety, tolerability and efficacy of
MIM-D3 in improving the signs and symptoms of dry eye.
About Dry Eye Disease
Dry eye disease is one of the most common ophthalmic problems, with an
estimated 30 million people in North-America suffering from it and a
worldwide prevalence closely paralleling that of the United States. Dry
eye is a chronic multifactorial disease of the tears, the ocular
surface and the adjacent neurological tissue that results in symptoms
of discomfort, visual disturbance and tear film instability that may
lead to permanent damage and scars to the ocular surface.
About Mimetogen Pharmaceuticals
Mimetogen Pharmaceuticals, Inc. is a private company focused on
developing the use of peptidomimetics as a novel approach to treating
diseases with high unmet medical needs. The underlying technology was
developed at McGill University and the Lady Davis Institute for Medical
Research in Montréal. The Company is currently developing novel
therapeutic approaches for ophthalmic indications including dry eye
disease, glaucoma and other degenerative diseases of the retina.
Mimetogen also possesses a pipeline of lead compounds for
non-ophthalmic indications (such as neurodegenerative disease and
pain). Please visit the corporate website at www.mimetogen.com.
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based merchant bank that provides of
capital and advisory services to the healthcare industry. For further
information please visit www.medwellcapital.com.
This press release may contain forward-looking statements, which reflect
the Company's current expectation regarding future events. These
forward-looking statements involve risks and uncertainties that may
cause actual results, events or developments to be materially different
from any future results, events or developments expressed or implied by
such forward-looking statements. Such factors include, but are not
limited to, changing market conditions, the successful and timely
completion of clinical studies, the establishment of corporate
alliances, the impact of competitive products and pricing, new product
development, uncertainties related to the regulatory approval process
and other risks detailed from time to time in the Corporation's ongoing
quarterly and annual reporting. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
SOURCE Medwell Capital Corp.
For further information:
Medwell Capital Corporation
416-815-0700 ext. 238