Zytoprotec Raises EUR 2 Million in Financing from Baxter Ventures
Vienna, Austria, January 29, 2013 / B3C newswire / – Zytoprotec, a company developing novel peritoneal dialysis solutions and other treatments based on active cytoprotection, today announced that is has raised EUR 2 million in financing from new investor Baxter Ventures towards a EUR 4 million Series A financing. Baxter Ventures is an investment initiative established by Baxter International in 2011 to invest up to USD 200 million in promising companies. As a result of the financing Norbert Riedel, Ph.D., Baxter's Chief Science and Innovation Officer will join Zytoprotec's Supervisory Board.
Zytoprotec's most advanced product, PD-protec™, is a next-generation solution for peritoneal dialysis (PD) designed to actively protect abdominal cells. The peptide used as the cytoprotective component of PD-protec™ is patent-protected by Zytoprotec. The product has completed a Phase I/II trial in 2012 and a Phase II trial is planned to commence in early 2013.
"We are very pleased to add Baxter to our investor base, given the company's longstanding expertise and leadership in PD therapy", Peter C. Weilguni, Chief Executive Officer of Zytoprotec, commented. "We welcome Dr. Riedel to the Board of our Company as we are preparing PD-protec™ for a Phase II clinical trial."
"Zytoprotec offers an exciting technology opportunity to protect the peritoneal membrane", commented Norbert Riedel, Ph.D, Baxter's Chief Science and Innovation Officer. "A peritoneal dialysis solution that holds the potential to prolong treatment time on PD would bring significant benefits to patients with kidney disease."
About PD-protec™ and Peritoneal Dialysis
PD-protec™ is being developed as a next-generation solution for peritoneal dialysis (PD), an established treatment for patients suffering from renal failure. PD-protec™ is designed to actively protect abdominal cells, thus potentially improving treatment outcomes for patients on PD.
Out of 2.5 million patients depending on dialysis worldwide, approximately 250,000 are treated with PD. Due to the ageing of the population and growing incidence of diabetes and high blood pressure, the number of dialysis patients (including PD) is growing and there is greater opportunity and need for advanced and differentiated solutions to meet patient needs.
Zytoprotec is a clinical stage biotechnology company developing drugs exploiting active cytoprotection as a novel therapeutic approach. Research by Zytoprotec has shown that in major diseases the capability of cells to protect against stress factors such as metabolic products is inhibited, but can be restored by intervention with cytoprotective pharmaceuticals. The Company has established a research platform for the identification of cytoprotective compounds.
Since its inception in 2007, and prior to this new investment, the Company has raised EUR 6.7 million from its founders, from corporate, private and institutional investors, as well as from Austrian public agencies.
Company contact Zytoprotec:
Peter C. Weilguni, CEO
Stadiongasse 2 / 13
+ 43 – 1 - 406 2002
Media contact Zytoprotec:
Butschbacher Investor Relations & Communications