Cytochroma Closes $45 Million Series C Financing

    Proceeds to Advance Clinical Development Of Lead Drug Candidates

    MARKHAM, ON, July 30 /CNW/ - Cytochroma today announced the closing of a
CDN $45 million Series C financing. The financing was led by a new investor,
Mitsubishi Tanabe Pharma Corporation ("MTPC"), and supported by a number of
existing investors including Vengrowth Advanced Life Sciences Fund Inc.,
Caisse de Dépôt et Placement du Québec, Novo A/S, Canadian Medical Discoveries
Fund Inc., T(2)C(2)/Bio 2000 Limited Partnership, GrowthWorks Canadian Fund
Ltd., BDC Capital Inc., and VentureLink Brighter Future Fund Inc.
    Charles W. Bishop, PhD, Cytochroma's President and CEO stated, "We are
grateful for the strong support of MTPC and our existing investors as we work
to achieve our goal of becoming an integrated specialty pharmaceutical
company. This latest funding provides Cytochroma with the financial capability
to aggressively drive the development of our clinical-stage therapeutic
    The new funding will be used to advance Cytochroma's portfolio of vitamin
D-based therapeutics into mid- and late-stage clinical trials. Cytochroma's
product candidates target disorders related to altered vitamin D metabolism in
chronic kidney disease ("CKD") patients, and include CTA018 and CTAP201 for
the treatment of secondary hyperparathyroidism ("SHPT"), and CTAP101 for the
treatment of vitamin D insufficiency. These three lead products address
significant markets that are expected to grow to more than $1.4 billion
annually by 2013 in North America.
    In connection with the financing, Seiichi Kiso, PhD, MBA, General
Manager, Business Development & Licensing Department of MTPC, and Joseph
Regan, GrowthWork's Vice President, Investments, have joined Cytochroma's
Board of Directors bringing the number of directors to six. Elizabeth
Douville, PhD, Vice President of GeneChem Management Inc., has retired from
the Board after more than nine years of service with the Company.
    Alan Lewis, Ph.D., Chairman of Cytochroma's Board of Directors,
commented, "I would like to thank Elizabeth for her guidance in helping to
bring Cytochroma to this important point in its development. I am also pleased
to welcome Seiichi Kiso and Joe Regan to our Board and look forward to
benefiting from their experience and expertise, as we continue to build a
strong CKD-focused specialty pharmaceutical company."
    Dr. Kiso joined Tanabe Seiyaku Co., Ltd. in 1982, where he served in
managerial positions across Product Development, R&D Planning, and Corporate
Development & Licensing. He has been General Manager, Business Development &
Licensing Department, at MTPC since October 2007. Dr. Kiso received his MSc
from Kyoto Pharmaceutical University, an MBA from Kobe University, and a PhD
from Nagoya University School of Medicine.
    Mr. Regan joined GrowthWorks in early 2003, and brings 15 years of life
sciences venture capital and pharmaceutical industry experience. He has been
active in both company creation and the strategic growth of portfolio
companies. Mr. Regan has an Honours BSc from the University of Guelph and an
MBA from McMaster University.

    About Chronic Kidney Disease

    According to the National Kidney Foundation, more than eight million
patients in the U.S. suffer from moderate CKD (Stages 3 and 4) to severe CKD
(Stage 5). Stages 3 and 4 CKD are characterized by progressively decreasing
kidney function as measured by glomerular filtration rate. In Stage 5, kidney
function is altogether absent and patients require regular dialysis or kidney
transplant for survival. An estimated 70-90% of CKD patients have vitamin D
insufficiency, which can lead to SHPT and resultant debilitating bone
diseases. Mounting evidence continues to link vitamin D insufficiency with
progression of CKD and death. CKD is caused most frequently by diabetes or
hypertension, both of which are consequences of a growing obesity epidemic in
countries worldwide.

    About Cytochroma

    Cytochroma is a clinical stage specialty pharmaceutical company focused
on developing and commercializing proprietary products to treat and prevent
the clinical consequences of vitamin D insufficiency and SHPT associated with
CKD. The Company's vitamin D-based therapeutics are designed to safely and
effectively treat patients with Stage 3, 4 or 5 CKD. In addition, Cytochroma
is developing novel therapies to treat hyperphosphatemia in these same
patients. For more information, please visit

For further information:

For further information: Eric J. Messner, Vice President, Commercial
Operations, Tel: (847) 236-7707 ext. 238 (Bannockburn, IL), Tel: (905)
479-5306 ext. 338 (Markham, ON),; Media Inquiries:
Robert Stanislaro (FD), Tel: (212) 850-5657,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890