Ottawa, Ontario, February 1, 2000 - Adherex Technologies Inc., an Ottawa-based biotechnology company developing novel therapeutics based on cell adhesion technologies, announced today that it has received investment financing from Fujisawa Investments for Entrepreneurship, L.P., a venture capital fund established by Fujisawa Pharmaceutical Co., Ltd., a leading pharmaceutical manufacturer based in Osaka, Japan. Financial details of the transaction were not disclosed.
"Fujisawa is a recognized leader in the pharmaceutical industry, and we are very pleased that they have chosen to invest in Adherex," said John Brooks, President and CEO of Adherex Technologies. "They are the first pharmaceutical company to invest in our company and it certainly serves to validate our technology from an industry standpoint. We are looking forward to a successful, long-term relationship."
Adherex's promising new treatment approach for cancer involves a patented compound, Exherin, which targets the adhesion system that blood vessels use to connect to each other. Exherin causes the blood vessels that feed tumours to break apart, effectively starving the tumour. Exherin, which was discovered at Montréal's McGill University following 10 years of basic research, showed dramatic results in stopping the growth of human breast and ovarian tumours injected into mice. Patent rights for Exherin are owned by McGill University and are licensed to Adherex.
"We are excited about the Adherex technology and look forward to a productive relationship with them," said Dr. Masakazu Kobayashi, Senior Vice President and Director of Research at Fujisawa Research Institute of America.
About Adherex Technologies Inc. Researchers Dr. Orest Blaschuk and Dr. Barbara Gour formed Adherex in 1996 as a spin-off company from McGill University. McGill remains an active shareholder in the company. Adherex and its organic synthesis facility site are located in Ottawa, Ontario. The company currently conducts biological studies through a worldwide network of scientists. The network comprises top experts in their respective fields at universities in Canada, the United States, Europe and Israel.
Adherex's prime focus is to develop anti-cancer drugs. Exherin, Adherex's first potential cancer fighting compound, works to destroy the blood vessels that feed a cancerous tumour, essentially destroying the tumour's food source. Adherex is also in the process of developing other compounds that could be potentially more potent than Exherin, as well as drugs that will sensitize a tumour to existing cancer treatments. For more information, please visit Adherex's web site at www.adherex.com.
About Fujisawa Pharmaceutical Co., Ltd. Founded in 1894, Fujisawa Pharmaceutical Co., Ltd. looks back on a history of over 100 years that have seen the company develop into one of the leading pharmaceutical manufacturers in Japan. The company forms the core of the Fujisawa Group, which as a result of global business expansion now has offices, plants, and research facilities in Japan, North America, Europe, and Asia.
For Fujisawa, R&D; is the key to its success as a major pharmaceutical company. Fujisawa's commitment to R&D; is central to the company's mission to provide new, innovative products that contribute to the health and welfare of people all over the world. Fujisawa leads the Japanese pharmaceutical industry in the development of international operations.
For further information or to arrange for an interview, please contact:
Alayne Martell
inmedia Public Relations
T: (613) 234-7227
Cell: (613) 769-7386
amartell@inmedia.ca
John Brooks
President and CEO
Adherex Technologies Inc.
T: (613) 738-8000
Fax: (613) 738-9060
brooks@adherex.com
Dr. Masakazu Kobayashi
Senior Vice President
Director of Research
Fujisawa Research Institute of America
T: (847) 467-4472
Fax: (847) 467-4471
masakazu_kobayashi@fujisawausa.com
