Press Releases
November 24, 2003
Neurotech Completes Euro 12 Million Private Financing
Lincoln and Paris, November 24, 2003 - Neurotech announced today
that it raised €12 million in a private equity financing led
by Apax Partners and Merlin Biosciences. The other investors were
3i Plc, GIMV, West LB, Atlas Venture and Ergo Equity.
"This successful fund raising confirms the interest raised
by our unique protein delivery technology platform which opens up
a whole range of new possibilities in ophthalmology", said
Bernard Chauvin, Chairman of the Board.
"The continuing support of our high quality participating
investors represents a clear endorsement of Neurotech's technology,
management and business strategy, especially in the current difficult
financial climate," said Bernard Davitian, Neurotech's CEO.
"These funds will allow Neurotech to pursue its phase I trial
for the treatment of Retinitis Pigmentosa recently initiated at
the National Eye Institute and to continue the development of other
innovative products for the treatment of retinal diseases that affect
the lives of millions of people worldwide."
Neurotech recently reported that it had initiated phase I clinical
evaluation of NT-501, its lead Encapsulated Cell Technology (ECT)
product, for the treatment of Retinitis Pigmentosa (RP). The NT-501
device is an intraocular, polymer implant containing human retinal
epithelial cells genetically modified to secrete Ciliary Neurotrophic
Factor (CNTF). The implant is designed to continuously release CNTF
directly in the eye to the diseased retinal tissue for sustained
periods of time. RP is an inherited degenerative eye disease leading
to a slow and irreversible loss of sight with no effective treatment
options. CNTF, a natural neuroprotective protein, has been shown
in a variety of animal models to protect against the loss of photoreceptors.
However, delivery of therapeutic proteins into the eye is prevented
by the blood-retina barrier, and repeated injections of CNTF directly
into the eye represent an impractical therapeutic option.
Retinal diseases such as age-related macular degeneration and diabetic
retinopathy represent a major unmet medical need and affect millions
of patients worldwide. To treat these diseases, Neurotech is developing
ECT products to deliver a variety of therapeutic factors in a controlled,
continuous manner, directly into the back of the eye.
Neurotech is a biotechnology company specialized in the development
of innovative technologies for the treatment of retinal diseases.
The Company is headquartered in Paris with an American subsidiary,
Neurotech USA, Inc., located in Lincoln, RI, south of Boston. Neurotech
is supported in its scientific and business strategies by world
experts in ophthalmology and by a group of international investors
led by Apax Partners and Merlin Biosciences.
For further information please contact :
Ted Danse, CEO
Neurotech
Phone: 1 401 333-3880 x3116
Email: t.danse@neurotechusa.com
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