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Vasomune Therapeutics awarded $1.5 million to advance lead asset for renal disease

Vasomune Therapeutics logoTORONTO (October 20, 2014) — Vasomune Therapeutics, a biotechnology start-up founded by Drs. Dan Dumont and Paul Van Slyke of Sunnybrook Research Institute (SRI) in partnership with MaRS Innovation, has received $1.5 million, in part through Genome Canada’s Genomic Applications Partnership Program (GAPP), to advance Vasculotide, the company’s lead Tie-2 activating agent, towards clinical development.

This announcement was covered in Biotechnology Focus.

The Honourable Ed Holder, Minister of State (Science and Technology) and Dr. Pierre Meulien, president and CEO of Genome Canada, announced the funding as part of 12 selected projects under Genome Canada’s Genomic Applications Partnership Program (GAPP), on October 15 in Wallenstein, Ontario.

Parimal Nathwani
Parimal Nathwani, president and CEO of Vasomune Therapeutics Inc.

“We believe that our technology is well positioned to accelerate from preclinical research into clinical development based on its strong data package,” said Parimal Nathwani, president and CEO of Vasomune Therapeutics. “This award, in combination with industry funding, validates the Vasculotide opportunity and gives us the required funds to advance the drug candidate toward the clinic.”

In preclinical studies, Vasculotide has shown to be an effective treatment for multiple renal diseases including acute kidney injury (AKI), which in humans is a possible outcome of kidney function loss that manifests in nearly a third of high-risk cardiac patients. AKI may result from short-term interruptions in blood flow during surgery; 11 percent of patients who develop AKI after bypass surgery will die. People who survive AKI are at risk of developing longer-term kidney complications such as chronic kidney disease or End Stage Renal Disease. Vasomune’s founders conceptualized and designed Vasculotide to bind to the Tie-2 receptor, which is responsible for maintaining vascular health (and thus blood flow).

With this new funding, a third from Vasomune and MaRS Innovation, a third from Genome Canada and a third from a leading multinational pharmaceutical company, Vasomune can transition its program into manufacturing optimization, pharmacokinetics and toxicology studies to prepare for clinical development in early 2016.

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Xagenic announces $6 million GAAP partnership for Hepatitis C testing; appoints president and CEO

Xagenic 2014 logoXagenic Inc., a molecular diagnostics company developing the first lab-free molecular diagnostic platform with a 20 minute time-to-result, announced October 15, 2014 that its project in partnership with the University of Toronto was successful in securing funding from Genome Canada under the Genomic Applications Partnership Program (GAPP).

The funding, announced by the Honourable Ed Holder, Minister of State (Science and Technology) and Dr. Pierre Meulien, president and CEO of Genome Canada, is part of 12 selected projects under Genome Canada’s Genomic Applications Partnership Program (GAPP), on October 15 in Wallenstein, Ontario.

The project titled “Development of Low Cost Testing Chip and Device for Hepatitis C Testing” was approved with funding up to a maximum of $5,999,865 over three years. The Ontario Ministry of Research and Innovation is supporting the project with a grant matching the Genome Canada contribution.

“This is a tremendous opportunity for us to leverage the viral assay development and electrochemical detection expertise in the labs of Dr. Shana Kelley and Dr. Edward Sargent at the University of Toronto to significantly advance our own research programs on several fronts,” said Dr. Graham D. Jack, Xagenic’s senior director of Research and Development. “Under this joint program, we anticipate development of a new lower-cost substrate chip, which will significantly bring down the total cost of our in-cartridge AuRA™ detection technology.

Timothy I. Still appointed Xagenic’s president and CEO

On October 16, 2014, Xagenic also announced that Timothy I. Still has been appointed president and CEO, and will serve as a member of Xagenic Inc.’s board of directors.

This announcement was covered in PE Hub.

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