CLEVELAND, May 2 Great Lakes Pharmaceuticals, Inc.announced today the completion of Series A $2.4 million equity financing ledby Ohio investment funds including the North Coast Angel Fund, JumpStart Inc.,Everett Partners, Ltd, Ohio TechAngel Fund and Case Technology Ventures. TheCompany intends to use the funds to finalize the pre-clinical development andinitiate pivotal clinical study of B-Lock(TM), a heparin-free antimicrobialand antithrombotic catheter lock solution.
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Headquartered in Cleveland, Ohio, Great Lakes Pharmaceuticals, Inc., is aresearch and development company focused on elimination of microbialinfections associated with biofilm formation. The Company's first product, acatheter lock solution, named B-Lock, has very potent and fast acting biocidalactivity against all microbial biofilms known to invade indwelled cathetersand it is expected to become a standard of care for hospital and outpatientapplications, greatly reducing the alarming rate of catheter-relatedbloodstream infections (CRBSI). Central venous catheters facilitate theadministration of various therapeutic agents and collection of blood samples.The use of catheters, however, is associated with infections and catheterocclusion. The Centers for Disease Control and Prevention estimated annualoccurrence of CRBSI cases at 250,000 with the cost to the healthcare system ofapproximately $4.6 billion and with additional immeasurable suffering of thepatients.
"This is an exciting time for Great Lakes," said Professor MahmoudGhannoum, Chief Scientific Officer at Great Lakes Pharmaceuticals. "Ourresearch shows that B-Lock eradicates all forms of microbial growth fromwithin a central venous catheter. That includes preventing the formation andelimination of established biofilms which are associated with CRBSI. Noproduct in the market or described in the literature matches the effectivenessof B-Lock."
"We are extremely pleased that so many Ohio investors share our vision andstrategy for building a successful biotechnology company," said KrzysztofAppelt, President and CEO at Great Lakes Pharmaceuticals. "The equity fundingwill help us to clinically develop a highly needed product, in particular inview of publicized issues associated with heparin, the current standard ofcare for catheter maintenance."
B-Lock received a designation of "Combination Product with Device PrimaryMode of Action" from the Office of Combination Products at the FDA. Suchdesignation and assignment to the Center for Devices and Radiologic Health hastraditionally led to a faster regulatory and commercialization timeline fornew products as compared to a combination product designated a drug. GreatLakes Pharmaceuticals has entered into pre-IDE consultations with the FDA andB-Lock will be initiated at ten clinical sites in 2008.
"Great Lakes Pharmaceuticals has made tremendous progress since JumpStartfirst invested in December, 2006," said Jerry Frantz, Managing Entrepreneur-in-Residence at JumpStart. "The urgent need to combat CRBSI combined with thecompany's solid intellectual property position and experienced managementteam, create an attractive opportunity that we and our co-investors arethrilled to support."
About Great Lakes Pharmaceuticals, Inc.
Great Lakes Pharmaceuticals (www.glpharma.com) is a research anddevelopment company focused on products designed to eliminate microbialinfections associated with biofilm formation. Great Lakes Pharmaceuticals hasan experienced management team, and has extensively collaborated in R&D withCase Western Reserve University, University Hospitals of Cleveland and the MDAnderson Cancer Center (University of Texas, Houston). Great LakesPharmaceuticals is a JumpStart portfolio company.
About JumpStart Inc.
JumpStart (www.jumpstartinc.org) accelerate