Active Pass Completes $5 Million Financing.Business Editors, Health & Medical Writers BIOWIRE2K VANCOUVER, B.C.--(BW HealthWire)--Aug. 4, 2000 Active Pass Pharmaceuticals Inc. today announced that it has concluded a financing of $5,000,000 CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. , led by the Western Technology Seed Investment Fund, jointly managed by Ventures West, Cascadia Pacific, and the Business Development Bank of Canada The Business Development Bank of Canada is a crown corporation financial institution wholly owned by the Government of Canada. BDC plays a leadership role in delivering financial and consulting services to Canadian small business, with a particular focus on technology and exporting. . Existing investors Working Opportunity Fund and Navigator Canadian Technology Fund also participated in the financing, as well as new investors Future Fund Capital Corp., BioFuture Fund Capital Corp, and a group of individual investors. In addition, the Company welcomes Nancy Harrison, Senior Vice President at Ventures West to the Board of Directors. Active Pass is a Vancouver-based biotechnology company employing a genomic-based drug discovery strategy. The Company has developed a strong intellectual property portfolio in the biology of ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. transporters, a family of molecular pumps implicated im·pli·cate tr.v. im·pli·cat·ed, im·pli·cat·ing, im·pli·cates 1. To involve or connect intimately or incriminatingly: evidence that implicates others in the plot. 2. in multiple disease states. ABC transporter-related discoveries in Active Pass' laboratories have led to a novel therapeutic approach to regulating beta-amyloid accumulation in the brain, a process which is widely thought to be involved in causing Alzheimer's disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. . Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering will be used to further the Company's pre-clinical program in Alzheimer's therapeutics, with entry into the clinic slated for the second half of 2001. The funds will also allow the Company to launch a second therapeutic program capitalizing upon the Company's expanding patent estate in the field of ABC transporter biology. Peter B. Reiner, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "Recent advances in understanding the role of the beta-amyloid peptide in Alzheimer's disease strongly validate the direction we took several years ago. With these funds in place, we are now in a position to aggressively pursue our near-term milestones." Commenting on the investment, Nancy Harrison of Ventures West said: "This financing will allow Active Pass to complete its pre-clinical program and capitalize on its early position in the area of ABC transporters. We are excited about investing in this technology and the people at Active Pass." |
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