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Press releases — 23 October 2005

CMP Therapeutics raises €4.5 million to develop Respiratory Allergies Treatment

CMP Therapeutics Ltd, a new Oxford company that has developed a natural treatment for sufferers of asthma, hay fever, dust mite and other allergies, today announced the closing of its Series A funding round provided by Inventages Capital Investments Inc, who invested €1.0 million as the first tranche in December 2005, and now, following the achievement of a key milestone, has just invested a further €1.0m, as part of a total investment of €4.5m, with provision for follow-on capital. The introduction to Inventages was made through Oxford Investment Opportunity Network, (OION), Europe’s leading technology business angel network.

CMPT’s first product, Allermatic, is a nasal spray that uses a special preparation of chitin micro-particles (CMP), a naturally-occurring polysaccharide derived from shrimp shells. The CMP compound acts as an immune enhancer by stimulating a natural anti-allergenic process in the body and does not produce the adverse side-effects of conventional drugs. Initial tests show that Allermatic is effective against a wide range of common pollen allergies, house dust mite allergy and allergy to cats and CMPT will use the funding from Inventages to take CMP through clinical trials on patients with hay fever. The first patients are due to be dosed at the start of a clinical trial this month.

The incidence of allergic disease is increasing rapidly, described by the WHO as the ‘number one immuno-pathological problem,’ and it is estimated that 50% of the population in the developed world may suffer from allergies by 2015. Current drugs are limited in their efficacy, offer only temporary relief and, unlike CMP, do not treat the underlying disease.

Bruce Savage, CEO of CMP Therapeutics, said:

“CMP is one of the first natural immune enhancers that is readily available, as a by-product of the shellfish industry. This makes it safer and easier to produce than many other immune enhancing agents currently in development. Furthermore, it should be able to offer long term relief from allergies because it treats the underlying causes of hayfever and asthma, as well as treating the symptoms.”

Recently, academic collaborations have also demonstrated promising early results showing that CMP nasal spray enhances protection against influenza virus including the H5 N1 avian flu virus through the same mechanism of enhancing the natural immune system’s ability to fight infections.

Oxana Kukhaneva, Investment Manager at Inventages, said:

“We are delighted to provide the funds needed to take CMPT’s novel compound for treatment of respiratory allergies through pre-clinical development and clinical development.”

Mr Savage added:

“Having an investor who is prepared to fund the company through to completion of Phase II trials means that management can focus on demonstrating efficacy for the treatment of hay fever in as short a time as possible.”

Dr Jon Cox, Manager of OION, said:

“We congratulate CMP Therapeutics on securing substantial funding from Inventages. Bruce Savage is one of Oxfordshire’s best-known serial entrepreneurs and this is the third time that OION has helped to match one of his companies with a sympathetic investor. We wish CMPT every success with the development of their healthcare products, which have the potential to benefit many thousands of patients.”

Press Release Ends

NOTES FOR EDITORS

Press enquiries to: Margaret Henry, OION PR Manager.
Tel: +44 (0)1865 811199  E-mail: Margaret Henry

  1. Oxford Investment Opportunities Network (OION) www.oion.co.uk

    Oxfordshire Investment Opportunity Network is Europe’s most successful technology business angel network that links investors with entrepreneurs seeking business development funds from £150,000 to £2m. OION helped 13 companies raise £2.5m in the year to March 2005, and during the last five years, has helped 74 companies raise £17.3m. OION holds monthly meetings where selected companies can pitch their proposals to OION's members, which include over 130 active business angels, VCTs and venture capitalists.

    Many of these companies are university spin-outs and OION is uniquely positioned to help them. OION holds regular joint presentation meetings, and has strong links with, universities with a reputation for spinning out quality technology companies such as, Warwick, Oxford, Bristol, University College London and Imperial College London.

    OION is managed by Oxford Innovation Ltd (www.oxin.co.uk), the UK’s leading operator of innovation centre premises for start-up companies, and sponsored by HSBC, Grant Thornton, Laytons, Frank B Dehn & Co, NESTA and Business Link.

  2. CMP Therapeutics Ltd

    Press enquiries to: Bruce Savage, Chief Executive Officer.
    Tel: +44 (0)1869 238308 Email: brucesavage@cmptherapeutics.com
    Website: www.cmptherapeutics.com

    CMP Therapeutics was founded in 2005 to commercialise work done in the MRC Immunobiology Unit, University of Oxford by its scientific founder, Dr Peter Strong.

    He discovered that micronised chitin could elicit an up lift in innate immunity, conferring protection against allergens and infectious agents.

    Chitin is a naturally occurring carbohydrate that is found in fungi and in the shells of prawns and crabs. The micronised chitin mimics fungal spores, which are made of chitin. They are recognized and removed by cells in the respiratory tract. During this process chemical signals called cytokines are produced which enhance the immune system in such a way as to redirect the immune system away from an allergic response, to a normal protective response. The development of immune modulators is a fast growing area in biopharmaceuticals.

    The incidence of allergic disease has been increasing at a phenomenal rate in the 20th century. The World Health Organisation calls it the �Number one immuno-pathological problem�. Based on current estimates, the number of people with allergies may well be as many as 50% of the population by the year 2015. Current drugs are limited in their efficacy and offer temporary relief, rather than clearing the symptoms in the long term. Furthermore, they are associated with a range of side effects.

  3. About Inventages Investment Capital Inc

    Inventages Venture Capital is a fund management company specializing in life sciences, with business offices in the Bahamas, Switzerland and New Zealand. It currently manages five funds, with a total of approximately � 1 billion. The first fund supports pharmaceutical and biotech companies. Funds two to five have a strong focus on prevention. They were raised between 2002 and 2005, with strategic partners, most notably Nestl� SA, acting as cornerstone investors.

    Inventages concentrates on selective investments in the field of disease prevention and chronic disease management. Portfolio companies are intensively supported and can leverage the depth of business experience and the strong relationships that the Inventages� partners have with the global pharmaceutical, cosmetics, food and biotech industries.

    For further information:www.inventages.com