CAMBRIDGE, U.K., Aug. 15, 2002 (PRIMEZONE) -- Xention Discovery, a new company focused on the discovery and development of drugs that modulate ion channel targets to address cardiovascular and neurological disorders, has been created following the acquisition of proprietary screening technology from CeNeS Limited, a subsidiary of CeNeS Pharmaceuticals plc.
Simultaneously, the company announced that it has raised 4 million pounds in a financing led by MVM, the venture capital fund manager that specialises in life science start-ups.
The assets acquired from CeNeS include the company's AutoPatch(R) technology, a pioneering technology which enables the functional screening of ion channel drug targets at throughputs not previously possible. This will open a broad array of ion channel screening opportunities to Xention and allow the development of more novel chemistries than would be possible using conventional technology. The acquisition also includes all intellectual property related to AutoPatch(R) and the team of CeNeS employees that developed the AutoPatch(R) technology will join Xention. Under the terms of the agreement, CeNeS acquires a minority shareholding and option rights over clinical candidates for the treatment of pain disorders that arise from the research undertaken by Xention.
"This simultaneous financing and asset acquisition will enable us to hit the ground running" commented Tim Brears, Xention's Chief Executive Officer. "We believe that there is a significant market opportunity to develop novel therapeutics targeted at ion channels and Xention is uniquely placed to capitalize on this opportunity by virtue of its pioneering technology."
David Brister and Aleema Mahmood of MVM will join the Xention board, together with Tim Brears (formerly Vice President for Business Development with Sangamo BioSciences, Inc.), David Owen, Xention's Chief Technical Officer (formerly Director of Technology Development at CeNeS), and Mark Treherne, who is a Director of a number of life science companies in addition to Xention.
Commenting on the deal, David Brister, Executive Director of MVM, said: "Over the last twelve months we have been looking for opportunities to start a company in the ion channel area and during the last six months we have been working closely with the founders and CeNeS to shape Xention. This is a good example of our approach to starting up new companies, whereby we work in collaboration with others as co-founders of the business."
Xention will operate from modern laboratories and facilities at Compass House, Vision Park, Histon, Cambridge.
Notes for Editors
MVM Limited (MVM) is a venture capital company founded in 1998 and dedicated to investing in start up and early-stage life science companies. MVM is an active, involved investor providing its investee companies with advice and assistance to support their growth and development, from identifying commercially relevant opportunities and recruiting high calibre staff to fund raising and partnering.
MVM's first fund, the UK Medical Ventures Fund, has completed its initial investments, taking stakes in 14 portfolio companies of which nine were start-ups. The companies are based in the UK and Ireland (7), USA (4), Scandinavia (2) and the Netherlands (1).
MVM's second fund, MVM International Life Sciences Fund recently raised 100 million pounds.
In collaboration with the MRC, MVM has started up five companies based on MRC technologies, including:
-- Domantis Ltd (formerly Diversys Ltd), an antibody and protein
engineering company
-- Oxxon Pharmaccines Ltd, a developer of therapeutic vaccines for
cancer and chronic infectious diseases
-- Gendaq Ltd, now Sangamo Bioscience Inc, a developer of
technologies to regulate genes for therapeutic and research use
-- Ardana Bioscience Ltd, a developer of products for women's health
MVM has also invested in medical device companies, including:
-- Nova Science Ltd, a developer of devices for the interventional
radiology and cardiology markets
-- Alertis AS, a Norwegian company that has developed a device for
continuous monitoring of oxygenation of tissues
-- Vasca Inc, which markets an FDA-approved device for high-flow
access to the human circulation for haemodialysis
Web Site
For more information on MVM, visit www.mvfund.com