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NanoMed Pharmaceuticals Closes Initial Financing.

Investment Led By SWMF Life Science Venture Fund

KALAMAZOO, Mich., July 5 /PRNewswire/ -- NanoMed Pharmaceuticals, Inc., an advanced drug delivery company developing nanoparticle-based therapeutic and diagnostic products to treat or detect disease, announced today that it has closed on its first round of venture financing. The investment was led by the SWMF Life Science Venture Fund, a $50 million private equity fund investing exclusively in promising life science companies having a presence in the Kalamazoo Region.

"Clearly, this is a very important milestone for NanoMed," said Stephen Benoit, President and CEO. "We are honored to be the first company in the SWMF Life Science Fund's portfolio," said Benoit, "and we are extremely pleased to have secured the necessary funding that will enable us to continue our development of nanoparticle-based drugs that we hope will lead to improved outcomes for patients undergoing chemotherapy for AML and breast cancer."

"This is an exciting time, not only for Southwest Michigan First, but for the Kalamazoo Region," said Ron Kitchens, Southwest Michigan First Chief Executive Officer and General Partner of the SWMF Life Science Venture Fund. "We have been growing steadily as a life science cluster and this announcement is further evidence of our work towards realizing that success," Kitchens added.

NanoMed will locate its corporate headquarters at M-TEC in The Groves Business Park in Kalamazoo. The company's labs will be located initially at the Advanced Science & Technology Commercialization Center on the campus of the University of Kentucky.

About NanoMed

NanoMed Pharmaceuticals(R), Inc. (http://www.nanomedpharm.com/ ) is an advanced drug delivery company developing nanoparticle-based therapeutic and diagnostic products to treat or detect disease. The Company's initial focus is cancer therapeutics and diagnostics. NanoMed's core technology, Nanotemplate Engineering(TM), was invented by Russell J. Mumper, PhD and Michael Jay, PhD of the University of Kentucky College of Pharmacy. Nanotemplate Engineering is a nanoparticle manufacturing process used to formulate small molecules, peptides, proteins, plasmid DNA, and diagnostic agents. The company is headquartered in Kalamazoo, Michigan.

About SWMF Life Science Venture Fund

The Southwest Michigan First Life Science Venture Fund consists of $50 million in private equity exclusively for promising live science companies that have a presence in the Kalamazoo Region. For more information, go to http://www.swmfirst.com/ .

CONTACT: Stephen Benoit, CEO of NanoMed Pharmaceuticals, Inc., +1-269-372-6256, benoit@nanomedpharm.com

Web site: http://www.nanomedpharm.com/ http://www.swmfirst.com/
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Publication:PR Newswire
Date:Jul 5, 2006
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