Medisyn Technologies Closes $1.5 Million Bridge Financing Round.
Medisyn Technologies, Inc., a unique drug design and discovery company, today announced it has completed a $1.5 million bridge financing. 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 Investors, LLC--a group of Twin Cities investors that led the round. Current investors Sherpa Trek I, LP, StarTec Investments, LLC, 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 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 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 by mid-2005 who can lead the company through its future development stages
MTI Investors conducted significant due diligence 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 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, 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. 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.
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|Date:||Feb 17, 2005|
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