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The financing was co-led by new investors OrbiMed Advisors LLC ("OrbiMed")of New York and CTI Life Sciences Fund of Montreal ("CTI"). The Fonds desolidarite FTQ, Desjardins Venture Capital, Lothian Partners and T2C2/Bio2000, current investors in the Company, also participated in the round.
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Robert Heft, PhD, President and CEO of Enobia said, "With no drug therapyavailable, hypophosphatasia patients and their families experience prolongedand significant suffering. We are pleased that we were able to attract suchworld class investors to our company at this important time in ourdevelopment. We are confident that with their support, we will build on ourpromising preclinical results to advance the clinical development program ofan enzyme replacement therapy for hypophosphatasia."
Jonathan Silverstein, General Partner of OrbiMed said, "We are delightedto be associated with this impressive team working on such a debilitatingdisease for which there is no cure."
Richard Meadows, Managing Partner of CTI said, "This represents an exampleof the type of high quality investment opportunity that exists in Quebec andthat is capable of attracting the attention and significant investment fromour U.S. VC colleagues."
Both Mr. Silverstein and Mr. Meadows will join the newly constitutedBoard, which also includes: Robert Heft, who previously served on the Board;Fredric Price, also a former Board member, and an investor in this Series Bfinancing who was previously Chairman & CEO of BioMarin Pharmaceutical andThomas Schuetz, MD, PhD, who was previously Vice President, Clinical Affairs,Transkaryotic Therapies Inc. Mr Silverstein has been elected Chairman of theBoard of Directors.
Hypophosphatasia is caused by mutations in the gene for alkalinephosphatase, an enzyme that is essential for proper bone mineralization. Thesymptoms of the disorder include: growth retardation, skeletal deformities andfrequent fractures. The disorder is lethal in its most severe form. Enobia isdeveloping an enzyme replacement therapy for hypophosphatasia using aproprietary bone-targeted form of recombinant alkaline phosphatase. TheCompany has demonstrated promising results in a mouse model ofhypophosphatasia. These results were recently presented at the Annual Meetingof the International Bone and Mineral Society (June 2007, Montreal).Additional data will be presented at the upcoming Annual Meeting of theAmerican Society for Bone and Mineral Research (September 2007, Hawaii).Enobia anticipates initiating clinical studies in the summer 2008.
Enobia Pharma is a Montreal-based, privately held company founded in 1997.The Company is developing Enzyme Replacement Therapeutics and other compoundsfor the treatment of serious bone diseases.For additional information on Enobia Pharma, please contact: Mr. Luc Cournoyer, VP Finance Enobia Pharma 2901 Rachel Street East, Suite 23, Montreal, Quebec, CANADA.H1W 4A4 (514) 596-2901 extension # 223 Email: [email protected]
SOURCE Enobia Pharma Inc
