Mimetogen Pharmaceuticals Enrolls 100th Patient in Phase II Clinical Trial for Dry Eye
MONTREAL and EDMONTON, Feb. 25 /CNW/ - Medwell Capital Corp. (TSXV: MWC)
today announced that it has committed to invest up to $2,000,000 in
Mimetogen Pharmaceuticals Inc. ("Mimetogen"), a privately-held,
clinical-stage company developing a treatment for dry eye disease.
Medwell Capital participated in a Series B equity financing with
existing Mimetogen investors, iNovia Capital, MSBi Valorisation and
VIMAC Milestone Medica.
"The Series B financing gives the company not only longer term financial
resources, but also direct access to financial services and business
development expertise of Medwell Capital," said Garth Cumberlidge,
President and CEO of Mimetogen. "We are very pleased with the progress
of the Phase II trial evaluating MIM-D3 for the treatment of the signs
and symptoms of dry eye. The company has enrolled over 100 patients and
completed dosing of more than 50 patients with final results expected
in the second half of 2011."
"Mimetogen fits into our strategy of investing in promising technologies
that have significant near term development milestones and large market
opportunities," said Kevin Giese, President and CEO of Medwell. "The
Phase II results coming out this year are designed to assess the
potential for this drug to meet critical unmet needs of a patient group
with limited treatment options and blockbuster sales potential."
As part of the financing, Nitin Kaushal, Executive Vice President of
Medwell will join the Mimetogen Board of Directors. Medwell Capital
will also assist Mimetogen and the current investors with advisory
services in potential partnering and financing efforts.
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.
Mimetogen is currently enrolling patients in a 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.
Mimetogen has contracted Ora Inc., as the Clinical Research Organization
(CRO) for the trial. The trial is being conducted using Ora's CAE™
System. Ora is the world's leading independent ophthalmic product
development firm, with 32 FDA approvals during its 30-year history. For
further information please visit www.oraclinical.com.
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. began operations in 2006, developing the
use of peptidomimetics as novel approaches to treat diseases with high
unmet medical needs. The underlying technology has been 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 service provider of capital
and advisory services for 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.
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