Québec City, Québec, Canada – May 3rd, 2007. — Asmacure Limitée announced today that the company has closed a Series A round of financing of 9 million $US involving Fonds Bio-Innovation and Innovatech Québec Chaudière-Appalaches from Québec City, and Domain Associates from Princeton, New Jersey. This investment will support Asmacure’s operations and R & D program through the preclinical and initial clinical development of its Lead Compound aimed at a new pharmacological approach for the treatment of asthma.
Along with this financing, Dr. Yvon Cormier, from Laval Hospital and Laval University, and founder of Asmacure, has been appointed President and Chief Medical Officer, and Ms. Evelyne Assayag, from Laval Hospital and co-founder, will assume the position of Director of Preclinical Research. In addition, Dr. Luc Vachon has been appointed as Asmacure’s Chief Executive Officer. The company’s upper management also currently includes Dr. Marie-Claude Pepin as Vice-president, Corporate Affairs and Planning, and Ms. Lise Breton as Vice-president, Finance and Administration. The Board of Directors will be chaired by Mr. Robert Després from Placements DRM Inc. in Québec City.
This investment reflects the ability of Canadian and Québec researchers at translating academic research into biopharmaceutical development of commercial potential.
“This new investment from Fonds Bio-Innovation in Asmacure, allows us to foresee a very promising future for this young company, which is in active development”, said Mr. Jean-Maurice Plourde, CEO of Gestion Bio-Innovation inc. and CQVB. “Since February 2005, CQVB and the Fonds Bio-Innovation have been supporting Asmacure, which benefited from a technology transfer from Laval University”.
Francine Laurent, CEO of Innovatech Québec: “Innovatech has participated in the development of the technological platform issued from Dr Cormier’s research since 2001. We are very proud that this seed investment in Dr. Cormier’s project has evolved and contributed to the start-up of Asmacure, one of the most promising biotechnology company in Quebec City.”
About CQVB
CQVB’s mission is to stimulate and support technological transfer and innovation within small and mid-size companies that are part of the bio-industrial sector in Québec. CQVB is a liaison and transfer centre (CLT) supported by the Department of Economic Development, Innovation and Export Trade (MDEIE) (www.cqvb.qc.ca).
About Fonds Bio-Innovation s.e.c.
Fonds Bio-Innovation is a limited parternship of which the general partner is Gestion Bio-Innovation inc., a subsidiary of CQVB. Its limited partners are Fonds de solidarité FTQ and CQVB. Fonds Bio-Innovation s.e.c. offers financing to Québec’s start-up biotechnology companies, for the structuring of their enterprise, the achievement of proof-of-concept, the set-up of prototypes, intellectual property, and the determination of competitive advantages, market niches and strategy of commercial valorization
(www.fondsbio-innovation.com)
About Innovatech
Innovatech Québec is a $125 M early stage venture capital fund owned by the Government of Quebec. Innovatech invests in emerging technology-intensive companies in Information technology and telecommunications, life sciences, and advanced applied technologies.
www.innovatechquebec.com
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For further information: Luc Vachon, Ph.D. Tel.: (514) 527-6276.
