TORONTO, Nov. 5 /CNW/ - AIM Therapeutics Inc. is pleased to announce that
it has successfully completed a round of private equity financing of $4
AIM Therapeutics is an early stage pharmaceutical company focused on
developing breakthrough medical treatments for inflammatory and immune
disorders including asthma, COPD, spinal cord injury, restenosis and diabetes.
AIM has established two proprietary technology platforms: Neutropel and Ep1B.
The company will use the capital to advance its lead compound, AIM-002, for
the treatment of asthma through GMP manufacturing, pre-clinical toxicology and
safety pharmacology studies and formulation development by the end of 2008.
Upon successful completion of these activities, AIM-002 would be positioned
for regulatory approval to initiate Phase I clinical studies. AIM-002 is based
on the Company's Neutropel technology platform, which has led to a series of
small peptides that can be administered orally, by inhalation and by
injection. These peptides work by preventing the adhesion and infiltration of
neutrophils into surrounding tissue and inhibiting inflammation.
AIM Therapeutics will also pursue validation studies of its Neutropel
technology in additional disease indications, as well as continue to
investigate its Ep1B technology as a potential treatment for restenosis and
type 1 diabetes.
"The Company's success in rapidly completing this financing indicates
that there is strong investor confidence in the people and the science of AIM
Therapeutics." said Dr. Richard Timmer, AIM Therapeutics President and CEO.
"Our lead program is focused on providing a non-steroidal, orally delivered
drug for the treatment of asthma. Asthma is a devastating and rapidly growing
disease with a strong need for new therapeutic approaches. Our investors
identified with this critical need, and with our novel approach to developing
new drugs for asthma and other inflammatory diseases."
AIM Therapeutics is a private company based in the MaRS Discovery
District in Toronto, Ontario.
About AIM Therapeutics Inc.:
AIM Therapeutics is a privately held biotechnology company focused on the
development of peptide-based therapeutic candidates for the treatment of
asthma, cardiovascular disease, diabetes, spinal cord injury, and other
inflammatory and immune disorders. The Company's therapeutic candidates are
based on research from leading scientists at the University of Western Ontario
and the University of Calgary. AIM Therapeutics is pursuing the pre-clinical
validation and development of its lead candidates through a virtual business
model being managed by BioQuest Innovations Inc.
For further information:
For further information: Dr. Richard Timmer, (416) 673-8433,