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Montréal, February 1, 2006 – Fonds Bio-Innovation l.p. and BDC Venture Capital are each investing $1 million in Ulysses Pharmaceuticals for preclinical development of new antibiotic molecules the firm discovered for treating severe and recurring infectious human diseases.
"This is a very exciting first for Fonds Bio-Innovation, which was established to help small and medium-sized emerging biotech companies in Québec, because its our first investment in the development of human antibiotics," said Jean-Maurice Plourde, President and Chief Executive Officer of Gestion Bio-Innovation Inc. and the Centre québécois de valorisation des biotechnologies (CQVB). Fonds Bio-Innovation is managed by Gestion Bio-Innovation Inc., a CQVB subsidiary.
"The management team at Ulysses has demonstrated outstanding leadership qualities and commitment," said Réjean Asselin, Director, Technology Seed Investments, BDC. "Their discoveries indicate the firm's tremendous potential for innovation and growth, and help give Ulysses a leading position in the fast-growing field of antibiotic research and development."
The team at Ulysses has identified, synthesized, and patented a new family of antibiotic molecules whose antibacterial properties are potentially superior to the anti-infectious agents currently on the market, which comprise the world's therapeutic arsenal. This points to a highly promising future for this emerging pharmaceutical firm.
Scientists and the general public are seriously concerned about the sharp rise worldwide in the number of bacterial strains that have developed a resistance to antibiotics.
"One need only think of Streptococcus pneumoniae strains, which cause common respiratory infections such as bronchitis, sinusitis, otitis and pneumonia. The bacteria's degree of resistance to erythromycin in 2004 was 18% in Canada, 29% in the United States, 71% in Japan, and as high as 82% in Hong-Kong," said Dr. Suzanne Chamberland, President and Chief Scientific Officer of Ulysses Pharmaceuticals. "This phenomenon causes substantially higher healthcare costs because it means more hospitalizations and more complex and prolonged treatments."
Presently in incubation at the Centre de développement des biotechnologies (CDB) in Sherbrooke and working closely with staff members from the Biology Department at the Université de Sherbrooke, the team at Ulysses Pharmaceuticals consists of specialists in microbiology and medicinal chemistry.
Founded in 2001 in Sherbrooke by Drs. Suzanne Chamberland, François Malouin and Roger Léger, three scientists with pharmaceutical industry experience, the firm also collaborates with private companies and world-renowned researchers in the areas of preclinical research and the synthesis of new molecules.
Ulysses also has a rich pipeline of products, some derived from technology owned by the University of Notre-Dame in Indiana for which the firm holds an exclusive worldwide license option.
About Fonds Bio-Innovation l.p.
Fonds Bio-Innovation is a limited partnership whose general partner is Gestion Bio-Innovation Inc., a CQVB subsidiary. Its backers are the FTQ Solidarity Fund and the CQVB. Fonds Bio-Innovation l.p. offers financing for biotechnology enterprise starts in Québec, business structuring, proof of concept, prototype development, intellectual property protection, identification of competitive advantage, market niches, and commercialization strategy.
www.fondsbio-innovation.com
About CQVB
The CQVB aims to stimulate, assist, guide and support, at the earliest stages in the innovation process, the development and transfer of technology between researchers and small and medium-sized firms in the life sciences sector. The CQVB is a liaison and transfer centre backed by the Ministère du Développement économique, de l'Innovation et de l'Exportation du Québec (MDEIE). www.cqvb.qc.ca
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of a company's development cycle, from seed through expansion. Its focus is on technology-based businesses with high growth potential that are positioned to become dominant players in their markets. Established in 1975, BDC Venture Capital has invested in over 400 firms to date. It currently manages some $550 million in venture capital investments in the life sciences, telecommunications, information technology, and advanced technology sectors, as well as investments in funds.
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For information:
Kate Falardeau
Director, Communications & Marketing
CQVB
Telephone: (418) 657-3855, ext. 212
Fax: (418) 657-7934
kate.falardeau@cqvb.qc.ca
Eva Boucher-Hartling
Media Relations Manager
BDC
(514) 283-7929
Contact by email
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