MONTREAL, Sept. 20, 2017 /CNW Telbec/ – Pendopharm, a division of Pharmascience Inc. announces today its investment in Ontario based Edesa Biotech Inc., a clinical-stage private company, following Edesa Biotech Inc.’s completion of a $7 million Series A financing. The internationally syndicated investment was led by Lumira Capital and included participation from Pharmascience Inc. (Pendopharm), Inveready Technology Investment Group and a number of Canadian family offices. The funds from this financing will be used to support the growth and continued development of Edesa Biotech’s innovative product pipeline.
In addition to the investment, Pendopharm in-licensed three novel assets targeting anal fissures and haemorrhoids. The products will begin entering the clinic over the next six to 12 months.
“We are pleased to continue expanding our investing into Ontario, an important part of Pharmascience’s diversification strategy. As we continuously look to grow our business, we are impressed with Ontario’s biotech industry and the opportunity it offers companies like ours,” said David Goodman, CEO of Pharmascience Inc.
Commenting on the financing, the company’s founder and CEO, Dr. Nijhawan M.D., F.R.C.P.(C),Gastroenterologist and Hepatologist noted “We founded this company in 2015 to address what we saw as a significant need for innovation in dermatology and gastroenterology. Our team has spent the past 18 months assembling a portfolio of world class assets in these areas and this financing will now allow us advance development on a series of novel treatments that provide the opportunity for significant positive patient impact in the relatively near future”.
“We have followed Edesa Biotech and its CEO Dr. Nijhawan for some time and are excited to be working with a dynamic entrepreneur with a track record of building Medical Futures into a successful gastroenterology company, culminating in its sale to Tribute Pharmaceuticals in 2015.” added Sean MacDonald, Vice-President, Corporate and Business Development.
PENDOPHARM was established in 2010 as the specialty branded division of Pharmascience Inc., a Canadian privately-owned company and the largest pharmaceutical employer in Quebec. PENDOPHARM is focused on growing its gastroenterology portfolio with innovative products for the global market. In addition to Gastroenterology, the PENDOPHARM pipeline spans multiple therapeutic areas including Allergy, Cough & Cold, Orthopedics and Specialty Products. Strategically committed to growth, PENDOPHARM is actively engaged in licensing, partnering, developing, and marketing specialty prescription medicines as well as consumer brands.
About Edesa Biotech Inc.
Edesa Biotech is a clinical-stage private company focused on efficiently developing product candidates that address significant unmet medical needs. The initial focus is on developing novel, safe and potent alternatives to steroids for Allergic Contact Dermatitis, Hemorrhoids and Anal Fissures. Edesa Biotech’s lead asset, EB01 is a novel non-steroidal anti-inflammatory molecule for the treatment of allergic contact dermatitis which has already demonstrated statistically significant improvements in multiple clinical studies.
For Media Inquiries: Steeve Azoulay, Senior Director, Public Affairs and Communications, Pharmascience Inc., Tel: 514.340.7846, firstname.lastname@example.org