MONTREAL, Feb. 10, 2012 /CNW Telbec/ - CTI Life Sciences Fund (CTI) is
happy to confirm the closing of the previously announced transaction of
Thursday, December 29, 2011, whereby Alexion Pharmaceuticals (Alexion)
proposed to acquire the Montreal Corporation, Enobia Pharma (Enobia), a
CTI portfolio holding, of which it is a major shareholder. Pursuant to
the terms set out in the Merger Agreement, Alexion paid out $US 610
million upon consummation of the transaction. In addition, a
supplementary amount of up to $US 470 million in cash, could be paid
out based on Enobia's lead product, ENB-0040 (asfotase alfa), achieving
various regulatory and commercial milestones. ENB-0040 completed Phase
II clinical studies already demonstrating promising results.
This molecule, which targets defective bone mineralization of patients
by correcting an inborn genetic defect was designed in the Université
de Montréal laboratories through the work of professor Philippe Crine.
This molecule was developed by Enobia to treat patients suffering from
hypophosphatasia (HPP); an ultra-rare, life threatening, genetic
metabolic disease for which there are no approved treatment options.
This rare disease, with debilitating morbidities such as skeletal
deformity, severe muscle weakness, and progressive damage to vital
organs, affects a very small portion of the Canadian population and was
identified by Canadian scientific researchers.
"Enobia is a result of the creative value added process, to which CTI is
totally committed to, based on the investment strategy it announced at
the Fund's inception in 2006", declared Richard Meadows, Managing
Partner of CTI and Board Member of Enobia. "The CTI team was able to
identify, at an early stage (the pre-clinical phase), the promising
potential linked to the ENB-0040 compound; it was also able to rally an
American investor, Orbimed Advisors, known for its substantial
financial resources and contacts, but foremost for its exceptional
experience in rare diseases. The combination of these two important
factors, allowed CTI to conduct in partnership, a new financial round
and to help drive the successful development of this project."
Shermaine Tilley, Ph.D, MBA, a CTI Partner, also greatly contributed to
this project by acting as an observer on the Board of Directors of
Based in Montreal, CTI Life Sciences Fund L.P. is a limited partnership
formed in 2006. The Fund specializes in venture capital investments
primarily in Canada, targeting high quality emerging life sciences
companies at the start-up and clinical development stages. This Fund is
the first of its kind created in Québec since 2002.
CTI Life Sciences Fund L.P. has secured $100 million in commitments from
Québec institutional investors such as the Caisse de dépôt et placement
du Québec, Fonds de solidarité des travailleurs du Québec (F.T.Q.),
FIER Partners L.P., Régime de rentes du Mouvement Desjardins and CTI
Capital Group's partners.
The CTI Life Sciences Fund L.P. team of professionals in science and
finance has extensive experience in the biotechnology and the
pharmaceutical industries. The Fund works closely with entrepreneurs
and researchers to increase the value of these emerging companies.
SOURCE CTI Life Sciences Fund L.P.
For further information:
Telephone: 514 798-2333
Cell : 514 952-0196
Email : firstname.lastname@example.org
Website : www.ctisciences.com