January 10, 2012 09:00 ET
VICTORIA, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2012) - MedGenesis Therapeutix Inc., a privately held biotechnology company focused on the development of definitive treatments for neurologic disease, announced today that it has raised $5.0 million to support the phase II clinical development of glial cell derived neurotrophic factor protein (GDNF) in Parkinson's Disease. GDNF is a naturally-occurring growth factor capable of protecting and promoting the survival of dopamine producing nerve cells.
"This financing will assist us in the completion of the phase II clinical program for GDNF and allows us to now shift our focus to financing our Phase III program, including the development of pharmaceutical company partnerships," said Dr. Erich Mohr, Chairman and CEO of MedGenesis Therapeutix. "We are hopeful that this potentially disease-modifying treatment will significantly change the quality of life of patients with Parkinson's Disease as well as have applications in other neurological indications."
Parkinson's Disease is a progressive and debilitating neurological disease affecting more than 5 million people worldwide.
About MedGenesis Therapeutix Inc.
MedGenesis Therapeutix is a privately-held biopharmaceutical company committed to developing and commercializing innovative therapeutics to provide life-enhancing treatments to patients with serious neurologic diseases. MedGenesis Therapeutix is a worldwide leader in Convection Enhanced Delivery (CED), a minimally invasive technique that provides for targeted, local treatment of CNS conditions such as Parkinson's Disease, Epilepsy, Brain Cancer and other severely debilitating diseases of the CNS.
Learn more about MedGenesis Therapeutix at: www.medgenesis.com.
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.
MedGenesis Therapeutix Inc.Michael LincolnChief Financial Officer(250) 386-3000, ext 227www.medgenesis.com
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