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September, 1996
- Neurochem Inc. is pleased to announce the Successful Completion of a Private
Placement Totaling $10.2M.
The investors consist of Neurochem's previous financial partners - Quorum
Growth Inc. (Toronto), one of Canada's leading providers of venture capital and
strategic management guidance to technology companies; Atlas Venture (Boston), which
brings extensive resources in the medical area and a strong network of American and
overseas corporate contacts; Parteq Innovations (Kingston), which is the technology
transfer arm of Queen's University, has a founding and promoter's role; and four new
Montreal-based venture capital groups - Sofinov, a subsidiary of La Caisse de
dépôt et placement du Québec, which has as its mission the development
of investment portfolios in innovative biotechnology and pharmaceutical technologies;
Fonds de solidarité des travailleurs du Québec (FSTQ), which is a development
capital fund whose mandate it is to create and maintain employment and economic development
in Quebec companies; Société Innovatech du Grand Montréal,
which invests in partnership with other investors in established, as well as start-up
companies; and BioCapital, which is a leading provider of venture capital in the
biotechnology area.
The net proceeds from the offering will be used primarily for general corporate purposes,
including expansion of the Company's research capabilities and its intellectual property
portfolio, the advancement of its drug candidates through preclinical toxicology studies,
and the initiation of Phase I/II clinical trials.
Neurochem Inc. is a leading edge Canadian biotechnology company, working in
concert with financial and industry partners to synthesize, develop and market
breakthrough human health therapeutics. Its unique, demonstrated technology, based
on small organic molecules, controls amyloid deposits implicated in such diseases
as Alzheimer's disease, adult-onset (Type II) diabetes, congestive heart disease,
and arthritis.
The exploitation of Neurochem's successful amyloid technologies offers significant
opportunities for investors and corporate partners who recognize the high potential
value of innovative healthcare solutions in the context of rapidly changing demographics
which depict the increased aging population.
Dr. Lamontagne, President and CEO, stated "This financing, in combination with our
scientific expertise, international consortium of investment partners, and the strong
market opportunities for our drugs, will position Neurochem as not only Canada's premier
neuroscience company, but also as a competitive world leader in its field".
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