Cytochroma raises C$12 million
Cytochroma of Canada has raised C$12 million ($7.6 million) in privateequity financing to further advance its programs of discovering and developing novel therapeutics based on cytochrome P450-based metabolism. The Business Development Bank of Canada served as lead investor, while new participants included Novo A/S of Denmark and VentureLink Capital Corp of Toronto.
Robert Foldes, Cytochroma's chief executive, said he was pleased that new and existing investors have demonstrated confidence in the potential of the firm. "This investment will allow Cytochroma to advance its unique drugs towards the clinic, to build its technology platform and to enhance its management team and scientific staff," he added.
Rob Hall, a director at BDC Venture Capital Division, (an existing backer), said: "we believe that Cytochroma has a unique and valuable approach to drug discovery [and] this financing also demonstrates that high-quality companies can raise capital even in today's uncertain economic environment."
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