MSI Methylation Sciences, Inc. Raises EUR13.5 Million From Inventages Venture Capital and Other Investors in Series A Financing
New Investment to Fund Clinical Development
Sept. 29, 2011, 10:01 a.m. EDT
VANCOUVER, BRITISH COLUMBIA, Sep 29, 2011 (MARKETWIRE via COMTEX) -- MSI Methylation Sciences, Inc. (MSI), a company focused on developing pharmaceuticals based on molecules with proven efficacy that are under exploited in major pharmaceutical markets, today announced that it has successfully raised EUR13.5m (CDN$19m) in a Series A Financing led by Inventages.
"We are delighted to have successfully completed this fundraising and to have secured sufficient funds to take our lead molecule into formal clinical development," said Barry Guld, Chief Executive Officer and President of MSI. "We look forward to working with the Inventages team to progress our lead through clinical trials. We were pleased to have the full support of our current investor group including the Working Opportunity Fund (EVCC) Ltd. ("WOF"), managed by GrowthWorks, BC Advantage Funds (VCC) Ltd and several local angel investors."
The new investment will help fund the clinical development of MSI's formulations of s-adenosyl methionine (SAMe) to clinical proof of concept. MSI's leads are the first generation of MSI SAMe formulations with superior properties and are ready for clinical trials. A long record of clinical use and large body of credible, supporting research indicates that SAMe is safe, well tolerated and clinically effective. MSI's focus is the development of these formulations for the treatment of depression.
Gunnar Weikert, the Chairman of Inventages who has joined the Board of MSI, commented: "MSI represents a unique development company with reduced risk due to a large body of human evidence supporting safety and efficacy. MSI's products offer a safe and effective treatment alternative in depression."
About MSI Methylation Sciences Inc.
MSI Methylation Sciences Inc. was founded in 2007 and is a privately held company focused on developing new pharmaceuticals based on compounds which have human proof of concept. MSI is based in Vancouver, British Columbia Canada.
Inventages is one of the world's largest specialised life science investors with a focus on safe and efficacious therapies for chronic diseases. It invests globally in healthcare, medical nutrition and consumer health and operates out of three offices: Nassau (Bahamas), London (United Kingdom), and Geneva (Switzerland). Beyond capital infusion and board participation, Inventages strives to contribute to the growth of the management teams and companies in which they invest by leveraging its experience, together with extensive networks and relationships. For further information, please visit www.inventages.com .