PHARMAGENESIS INC. RECEIVES FUNDING FROM NEW INVESTORS.Pharmagenesis Inc., Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , a privately held biotechnology company, has secured additional funding from several new investors, including Biomorieux-Pierre Fabre, the leading French private pharmaceutical and cosmetics company. Other investors include The Dassault Group Groupe Industriel Marcel Dassault S.A., (GIMD, Groupe Dassault, or the Dassault Group) is a French group of companies led by Serge Dassault. Managing directors are Claude Dassault and Olivier Costa De Beauregard. , founding shareholder of Genset, a world leader in genomics research; AXA AXA Anguilla, Anguilla (Airport Code) AXA Alpha Chi Alpha AXA Animal Crossing Ahead (online forum community/guide to the game Animal Crossing) AXA Auxiliary Artery , the worldwide leading insurance and investment group; and a privately owned Hong Kong-based investment group. The amount of this round of financing was not disclosed. Pharmagenesis will use the new financing to fund development of two new products: anti-cancer agent PG490-88 and hematopoiesis Hematopoiesis The process by which the cellular elements of the blood are formed. The three main types of cells are the red cells (erythrocytes), which serve to carry oxygen, the white cells (leukocytes), which function in the prevention of and recovery from enhancer PG2-2000. The company plans to file U.S. Investigational New Drug (IND) applications for the two drug candidates in 2001. Since its inception in 1991, Pharmagenesis has raised approximately $60 million. "We have had encouraging results for both PG490-88 and PG2-2000," Nicolas Druz, 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. and chairman of the board, Pharmagenesis, said. "We're excited to move ahead on developing these two promising drug candidates." For more information, call (310)785-0515, Ext. 264/270. |
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