Medisyn Technologies Closes $1.5 Million Bridge Financing Round.
MINNEAPOLIS -- Stan Baratz Group Leads Round with Participation from Current Investors Sherpa, StarTec, Andcor and Portage Portage (1, 2 pôr`təj; 3 pôr`tĭj).
1 Town (1990 pop. 29,060), Porter co., NW Ind., a suburb of Gary, on Lake Michigan; inc. 1959.
Medisyn Technologies, Inc., a unique drug design and discovery company, today announced it has completed a $1.5 million bridge financing Bridge Financing
A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations.
These funds are usually supplied by the investment bank underwriting the new issue. . The company's proprietary technology makes drug discovery faster, more predictable and less expensive. The round closes officially on February 28.
Stan Baratz, the veteran Minneapolis financier, has formed MTI MTI Ministry of Trade and Industry (Singapore)
MTI Metal Treating Institute
MTI Moving Target Indicator (radar)
MTI Magyar Távirati Iroda (news agency in Budapest, Hungary) Investors, LLC--a group of Twin Cities investors that led the round. Current investors Sherpa Trek I, LP, StarTec Investments, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control , Andcor Companies, Inc., and Portage Capital also took part in this offer of convertible notes and warrants.
"This is a significant round for Medisyn," said David Land, President of Medisyn Technologies. "This financing will enable the company to capitalize on Cap´i`tal`ize on`
v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its immediate market opportunities and move definitively into its next stage of growth," Land explained.
Medisyn enables the rapid design and discovery of novel, diverse and unexpected compounds that meet exact requirements to treat a specific disease. The company is focused initially on treating cancer. It has more than 26 anti-cancer compounds in varying stages of development, with one nearing pre-clinical validation.
Over the last year, Medisyn has achieved considerable recognition within the scientific, biotech bi·o·tech
short for biotechnology
Noun 1. and pharmaceutical communities. In addition to being honored with the 2004 Minnesota Tekne Award in Emerging Biotechnology, Medisyn also is moving rapidly beyond successful pilot projects and into revenue-producing engagements with a number of leading pharmaceutical companies.
Proceeds from this transaction will be used to reach three strategic milestones:
--Expand Medisyn's current collaborations with existing pharmaceutical and biotechnology customers--including one of the top 10 pharmaceutical companies.
--Advance Medisyn's own anti-cancer drug candidates through pre-clinical studies.
--Attract and retain a top-caliber 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. by mid-2005 who can lead the company through its future development stages
MTI Investors conducted significant due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. to confirm the commercial viability of Medisyn. This included meetings with Medisyn's scientific advisors and current customers, one of which is a leading biotechnology company with more than $1 billion in revenue.
"In the end, it was the customer testimony that satisfied the commercial credibility questions we had," Baratz said. "It became readily apparent to us that Medisyn offers a unique solution for biotech and pharmaceutical companies that need to create more successful drugs, quickly and less expensively. We are optimistic op·ti·mist
1. One who usually expects a favorable outcome.
2. A believer in philosophical optimism.
op about Medisyn's ability to deliver on this critical market need," he added.
After several months of interviews and assessments, Baratz agreed to lead the round. For their part--Sherpa, Andcor, StarTec and Portage have worked consistently and efficiently to guide and support Medisyn through its early stage development. They each remain active and committed to the company's long-term success.
About Medisyn Technologies
Medisyn Technologies is a unique drug design and discovery company that uses proprietary technology to make drug discovery faster, more predictable and less expensive. Based on molecular topology topology, branch of mathematics, formerly known as analysis situs, that studies patterns of geometric figures involving position and relative position without regard to size. , Medisyn's Fast Forward Engineering(TM) platform enables the discovery and design of novel, diverse and unexpected compounds that meet exact parameters for a specific therapeutic use. By compressing design and discovery time from years to weeks and optimizing lead candidates, Medisyn's novel approach enables drug discovery customers to reduce risk, improve probability of success and control costs associated with the traditional lead discovery process. The company is initially focused on treating cancer and is currently completing pre-clinical validation of MT103, a promising lead candidate for non-small cell lung cancer Lung Cancer, Non-Small Cell Definition
Non-small cell lung cancer (NSCLC) is a disease in which the cells of the lung tissues grow uncontrollably and form tumors.
There are two kinds of lung cancers, primary and secondary. . It has an additional 26 anti-cancer compounds in varying stages of development. Medisyn Technologies is headquartered in Minneapolis, MN. For more information about Medisyn Technologies, visit the company's website at: http://www.medisyntech.com or call 952.475.8084.