Osprey Pharmaceuticals Limited Secures US $9 Million in Financing, Including $3 Million in Venture Debt From MMV Financial, Inc.

    MONTREAL, and TORONTO, Jan. 30 /CNW/ - Osprey Pharmaceuticals Limited, a
privately held biotechnology company focused on treating chronic diseases
through a family of first-in-class therapeutic proteins, announced today that
it has secured US $9.0 million (CA $10.5 million) in financing, including US
$6.0 million (CA $7.0 million) in tranched convertible debt from existing
investors and $3.0 million (CA $3.5 million) in venture debt from MMV Capital
an arm of MMV Financial.
    Osprey will use the proceeds from the financing to complete preclinical
development work and fund early clinical trials of its lead product candidate,
OPL-CCL2-LPM, for patients with chronic kidney disease. OPL-CCL2-LPM is a
Leukocyte Population Modulator (LPM), one of 12 chemokine-based proprietary
proteins developed by Osprey to selectively and systematically destroy
disease-related leukocytes. The company plans to begin clinical trials of
OPL-CCL2-LPM in the third quarter of 2007.
    "Osprey has built an innovative technology platform for the development
of drugs against a wide array of clinically important applications, including
chronic kidney disease, multiple sclerosis and cancer," said Jacques
Perreault, Senior Vice President, MMV Financial Inc. "We at MMV are excited
about working with the company and our investment partners to build Osprey as
a leading and innovative biotechnology company."
    "This financing enables Osprey to enter the clinic with its lead compound
this year, and to begin moving our portfolio of 12 preclinical candidates
through the pipeline," said Phil Coggins, PhD., Chief Executive Officer and
President of Osprey. "Support from prominent investors such as MMV is a great
validation of our firm's technology and business model, and we are extremely
pleased to have added MMV to our high caliber group of backers."
    The convertible debt placement was led by GeneChem Therapeutics Venture
Fund and included Series A shareholders Desjardins Capital Regional et
Cooperatif, BDC Venture Capital and Western Technology Seed Investment Fund.

    About Osprey Pharmaceuticals Ltd.

    Osprey Pharmaceuticals Limited is a privately held biotechnology company
focused on commercializing a unique family of therapeutic proteins capable of
treating chronic diseases. Osprey's broad technology platform is based on the
critical insight that many common diseases are propagated by overabundant and
overactive leukocytes. The company's patented Leukocyte Population Modulators
selectively and systematically destroy these disease-related leukocytes by
infiltrating the chemokine system -- a complex network of small proteins and
their receptors that regulate the movement and activity of leukocytes. The
company expects to initiate a Phase I/II trial for chronic kidney disease in
the second half of 2007.
    Osprey has developed a portfolio of 12 preclinical product candidates
addressing a variety of diseases including cancer, cardiovascular disease, and
neurological disorders, and the company anticipates initiating at least one
clinical trial annually over the next three years. Osprey minimizes the risks
inherent to drug development and commercialization by using a technology that
can rapidly generate new product candidates, and then uniformly applying
standardized testing and manufacturing protocols across its portfolio. Osprey
Pharmaceuticals is based in Montreal, Canada and can be found online at

    About MMV Financial

    MMV Financial is a Toronto-based specialty finance company providing
creative debt solutions directly to technology and life sciences companies
across North America. MMV is backed by top U.S. and Canadian private equity
firms and financial institutions including CCP Equity Partners, Caisse de
depot et placement du Quebec, NewStar Financial Inc., and Wells Fargo Company.
For more information please visit http://www.mmvf.com.

For further information:

For further information: Jacques Perreault, Senior Vice President of MMV
Financial, Tel +1-514-789-6425, Fax +1-514-396-4354, jperreault@mmvf.com; or
Phil Coggins, PhD, President & CEO, coggins@ospreypharma.com; or Robert
Wagstaff, Vice President, Finance, +1-514-336-3118, wagstaff@ospreypharma.com,
both of Osprey Pharmaceuticals Limited; or Susan Thomas, sthomas@burnsmc.com;
or John Cummings, jcummings@burnsmc.com, both of Burns McClellan for Osprey,
+1-415-352-6262, Web Site: http://www.ospreypharma.com

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