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Fonds Bio-Innovation, BDC Venture Capital and Picchio Pharma invest in Prognomix, a Montreal biotechnology firm, as part of a $4.1 million financing round
Montreal, March 29, 2007 — Fonds Bio-Innovation s.e.c., BDC Venture Capital and Picchio Pharma are pleased to announce a $1 million investment each in Prognomix Inc., as part of a $4.1 million startup round. This investment round will allow Prognomix to carry out the first phase of research and development of gene tests for prognosis of the risks of contracting renal, cardiovascular, nervous or ocular complications in patients with Type II diabetes.
The idea of gene testing was hatched by Doctors Pavel Hamet and Johanne Tremblay, both Professors at the Faculty of Medicine of the Université de Montréal and researchers with the Centre de recherche du Centre hospitalier de l'Université de Montréal (CRCHUM), during a clinical study of Type II diabetes. "We then came up with the hypotheses that genetic factors, which account for 50% of the risk factors in the development of diabetes complications, can be identified from the variations (polymorphisms) of a single nucleotide polymorphism, or SNP, in the genome," Dr. Hamet said. In 2005 the researcher founded Prognomix to carry the hypothesis farther.
Holder of the Canada Research Chair in Predictive Genomics in hypertension and associated cardiovascular diseases, Pavel Hamet is attempting to understand how the human genome interacts with the environment to cause health problems associated with hypertension, diabetes and cardiovascular diseases. Dr. Johanne Tremblay, responsible for the circulatory and respiratory research platform at the CRCHUM, is particularly interested in the genetic determinants of cardiovascular complications of diabetes and hypertension. These two researchers, both members of the Canadian Academy of Health Sciences, have developed a unique expertise in the field of applied genetics at the CRCHUM, supported by a world-class genotyping infrastructure. The development of Prognomix will be based on this expertise and on that of bioinformatics researchers at the École Polytechnique de Montréal.
More than two million Canadians today have diabetes, with over three million projected by 2010. These forecasts are conservative, given that obesity is the principal risk factor for Type II diabetes and its cardiovascular complications, and that the number of children and teenagers who are overweight or obese has tripled in the past ten years. It is thus expected that, by 2016, the direct costs of treatment of diabetes in hospitals and throughout our health-care system will climb by 76%. To prevent this, scientists emphasize the urgency of a better understanding of the interactions between genes and the environment, which lead to the cardiovascular complications of diabetes, and of establishing adequate biomarkers to detect persons at risk, determine the stages of the disease, obtain a prognosis and assess the appropriate therapies.
The Prognomix project, by focusing on the promising fields of diabetes, molecular testing and pharmacogenomics, is positioned in a high-growth market. It also responds directly to the needs identified by the scientific and medical communities working on diabetes. The Prognomix gene tests are thus likely to represent a real medical breakthrough.
"This is the first investment by Fonds Bio-Innovation in a genomics project resulting from a technology transfer," points out Jean-Maurice Plourde, President and Chief Executive Officer of Gestion Bio-Innovation Inc. and of the Centre québécois de valorisation des biotechnologies (CQVB). "We believe that Prognomix can position itself as a major biotechnology company within three to five years."
"BDC recognizes the expertise of Prognomix's management team," says Nick Photiades, Director, BDC Venture Capital. "This company has very high potential for growth and technological innovation, which matches the profile BDC looks for in terms of investment in startup projects."
About Fonds Bio-Innovation s.e.c.
Fonds Bio-Innovation is a limited partnership whose general partner is Gestion Bio-Innovation Inc., a CQVB subsidiary. Its backers are the Fonds de Solidarité FTQ and the CQVB. Fonds Bio-Innovation s.e.c. offers financing for biotechnology enterprise start-ups in Quebec, business structuring, proof of concept, prototype development, intellectual property protection, identification of competitive advantage, market niches and marketing strategy.
About CQVB
The CQVB's mission is to stimulate and support the development and transfer of technology between researchers and small and medium sized firms in the life sciences sector at the earliest stages in the innovation process. The CQVB is a liaison and transfer centre supported by the Ministère du Développement économique, de l'Innovation et de l'Exportation du Québec (MDEIE).
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
418-657-3855, ext. 212
kate.falardeau@cqvb.qc.ca
Eva Boucher-Hartling
Media Relations Manager
BDC
514-283-7929
Contact by email
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