MedGenesis Therapeutix Inc.

MedGenesis Therapeutix Inc.

November 08, 2006 09:30 ET

MedGenesis Therapeutix Closes $3.2 Million Round of Financing

VICTORIA, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2006) - MedGenesis Therapeutix Inc. ("MedGenesis") announced today that it has successfully raised $3.2 million in private equity financing. The proceeds of the financing will be used to advance the clinical development of its lead therapeutic program and the filing of an IND to initiate human studies.

"Investors were very receptive to the uniqueness of our business model and to the potential for success of our development programs," commented Dr. Erich Mohr, Chairman and Chief Executive Officer of MedGenesis. "This financing will enable MedGenesis to enter into phase I/II clinical trials with our lead drug candidate by the end of 2007 and provide us with sufficient funding to meet our other business objectives."

MedGenesis is a biopharmaceutical company focused on the development of therapeutics with established safety and efficacy profiles for the treatment of serious Central Nervous System (CNS) disease. The company utilizes Convection Enhanced Delivery as a method of direct and targeted delivery of molecules to the relevant area in the CNS. Key therapeutic focus areas include Neuro Oncology, Parkinson's Disease and Alzheimer's Disease.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of the company with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.

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