Salpep Gets Second Round of Financing for Asthma Product Development, Seeks Partner for Clinical Studies
Calgary, Alberta, Canada – May 09, 2002
Salpep Biotechnology Inc. has received a second round of development funding from Canadian venture fund, Milestone Medica Corporation. Salpep’s successful completion of preclinical milestones triggered the funding. This latest investment is part of a total investment to date of about $1 million from both Milestone Medica and University Medical Discoveries Inc.
Salpep is a privately owned Calgary company developing a series of unique compounds for inflammatory disorders. The company is developing its lead compound as an alternative to steroids for chronic asthma therapy. Salpep is now actively searching for a partner interested in acquiring its family of asthma therapeutics.
Salpep recently showed the efficacy of its novel anti-inflammatory compounds in preclinical models of asthma. A series of mechanism-of-action experiments is ongoing. Along with its asthma studies, the company is investigating the potential of its compounds for other anti-inflammatory indications.
Salpep will use the additional funding from Milestone Medica to continue its preclinical development program and launch partnering efforts for its asthma compounds.
“The additional investment by Milestone Medica will allow Salpep to advance our asthma program,” said Salpep Vice President Marc Engelsgjerd, M.D. “The continued support of Milestone Medica will be critical to the expanded development of Salpep, especially now as the company is seeking an appropriate strategic partner for our unique asthma drugs.”
“We are very pleased with Salpep’s progress in developing competitive therapeutic candidates, ” said Milestone Medica CEO David Shindler, Ph.D. “Salpep’s compounds are showing excellent potential in pre-clinical trials in industry-standard animal model studies.”
Salpep was founded in 1996 by Ronald D. Mathison, Ph.D., Joseph S. Davison, Ph.D., University of Calgary, Alberta, and Dean Befus, Ph.D., University of Alberta-Edmonton, in partnership with University Technologies International Inc. of Calgary.
Milestone Medica provides both investment and management designed specifically for launching commercial developments based on medical discoveries that have the potential to transform health care. Milestone Medica’s team of technology and business experts works with Canadian universities, hospitals and companies. Milestone Medica is a majority Canadian-owned company established in 1998 through a joint venture between RBC Technology Ventures Inc. and Tucson, Arizona-based Research Corporation Technologies.
Contacts: Marc Engelsgjerd, Vice President, Salpep, (520) 748-4416, (520) 748-0025 fax, or David Shindler, CEO, Milestone Medica (416) 974-0340 or (416) 974-6946