MEDWELL CAPITAL CORP. COMPLETES $2 MILLION INVESTMENT IN MIMETOGEN PHARMACEUTICALS INC.
Edmonton, Alberta, October 18th, 2011 – Medwell Capital Corp. (“Medwell”) today announced that it has made a further $880,000 investment in Mimetogen Phamaceuticals Inc. (“Mimetogen"). This investment is the final tranche of the $2 Million funding by Medwell announced on February 25, 2011.
The Company further announces that Kevin Giese, President and CEO of Medwell has joined the Mimetogen board of directors. Medwell owns approximately 12% of Mimetogen.
Phase II Clinical Trial of MIM-D3 for Dry Eye Disease
Mimetogen’s lead drug candidate for the treatment of dry eye disease, MIM-D3, is a small molecule mimetic of nerve growth factor (NGF). NGF is a naturally occurring protein in the eyes that is responsible for the maintenance of corneal nerves and epithelium, mucin and tear production. In contrast to most other products in development or on the market, MIM-D3 is designed to quickly and directly improve the quality of the tears produced by the eyes whilst reducing clinical signs and symptoms such as chronic dryness and grittiness. Dry eye disease is estimated to be a $1 billion US market for which there is currently only one FDA-approved treatment.
The 150-patient phase II randomized, double-masked, multi-center, placebo-controlled trial was designed to evaluate the safety, tolerability and efficacy of MIM-D3 in improving both the signs and symptoms of dry eye.
About Dry Eye Disease
Dry eye disease is one of the most common ophthalmic problems, with an estimated 30 million people in North-America suffering from it and a worldwide prevalence closely paralleling that of the United States. Dry eye is a chronic multifactorial disease of the tears, the ocular surface and the adjacent neurological tissue that results in symptoms of discomfort, visual disturbance and tear film instability that may lead to permanent damage and scars to the ocular surface.
About Mimetogen Pharmaceuticals
Mimetogen Pharmaceuticals, Inc. is a private company focused on developing the use of peptidomimetics as a novel approach to treating diseases with high unmet medical needs. The underlying technology was developed at McGill University and the Lady Davis Institute for Medical Research in Montréal. The Company is currently developing novel therapeutic approaches for ophthalmic indications including dry eye disease, glaucoma and other degenerative diseases of the retina. Mimetogen also possesses a pipeline of lead compounds for non-ophthalmic indications (such as neurodegenerative disease and pain). Please visit the corporate website at www.mimetogen.com
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based merchant bank that provides of capital and advisory services to the healthcare industry. For further information please visit www.medwellcapital.com.
This press release may contain forward-looking statements, which reflect the Corporation’s current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation’s ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.