EPIcyte Raises $4.5 Million in Financing
This round included four investor groups: TD Javelin Capital Fund II, LP; CMEA Life Sciences, LP; Viridian Capital, LP; and Dow Chemical Co. EPIcyte, which develops medical therapies for diseases affecting mucous membranes using its proprietary technology for manufacturing antibodies in plants, has raised close to $6 million since it was founded in 1996, said Robert Leach, chief executive officer of EPIcyte.
"To close this round of financing with such a stellar group of investors is very heartening given the tough venture capital climate that currently exists for biotechnology companies," Leach said. "We believe part of our success is due to the unique dual agbiotech/biopharmaceutical play we offer investors. The participation of Dow, and its venture fund, CMEA Life Sciences, provides particular validation of our core technologies."
EPIcyte is at the forefront of manufacturing antibodies with two closely related technologies. Its proprietary Plantibodies(TM) technology can be used to produce unlimited quantities of pharmaceutical-grade antibodies and related molecules in plants. The efficiency of this antibody production system results in manufacturing costs that are 25 to 100 times less expensive than those of animal cell culture-based systems.
The company's Epithelial Transport technology uses EPIcyte's antibody-based Transport Molecules (economically produced using its Plantibodies production system) to target drugs specifically to epithelial tissues. EPIcyte's founders, Drs. Mich Hein and Andrew Hiatt invented the Plantibodies technology while at The Scripps Research Institute, and subsequently, EPIcyte's drug delivery technology.
"With this round of financing, we will be able to further our strategy to become the low-cost producer of antibodies for human therapeutic and over-the-counter markets, initiate Phase II clinical trials of our novel drug delivery platform in treating lung infections in Cystic Fibrosis patients, and continue the development of our own proprietary antibodies to prevent and treat neonatal herpes," Leach added.
EPIcyte has extensive intellectual property with three issued patents, two of which are exclusively licensed from The Scripps Research Institute. Eight additional patent applications are in process.
The company has entered into strategic partnerships with ProdiGene, leveraging their expertise in the production of transgenic proteins in plants, and ReProtect LLC, to develop antibodies for reproductive health. It plans to license or partner its technology in areas outside its human therapeutic and over-the-counter market focus.
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CONTACT: EPIcyte Pharmaceutical Inc.
Robert Leach, 619/554-0281
rleach@epicyte.com
or
Mentus Inc.
Linda Seaton, 619/455-5500 ext. 133
lcs@mentusonline.com
or
Kathy Witz, 619/455-5500 ext. 140
kwitz@mentusonline.com
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