P.E.I. pharmaceutical company gets big bump in private financing

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Neurodyn Inc., a pharmaceutical company based in Charlottetown, announced Thursday that it has raised $1,500,000 in private financing.

Neurodyn Inc., a pharmaceutical company based in Charlottetown, announced Thursday that it has raised $1,500,000 in private financing.

The investors included the Regis Duffy BioScience Fund Inc., based in Charlottetown, Mertz Holdings, a family office based in Houston, TX, and a number of U.S. and Canadian private investors.

Originally, Neurodyn had targeted to raise $1 million. An additional $500,000 was raised over this targeted amount.

Kenneth Cawkell, CEO of Neurodyn, says Neurodyn has developed a unique business plan that focuses on identifying the bioactive compounds of proven natural products.

“The investors reviewed our commercialization plans, and our science and product potential, and their investment is a strong vote of confidence. These funds will place Neurodyn on a solid growth track as we commercialize our lead therapies in the areas of Parkinson’s disease and nerve pain.”

Denis Kay, chief scientific officer of Neurodyn, says the investors brought in some of the best recognized Neurologists in the USA to review the technologies and the commercial potential “and we passed with flying colours.”

“The investors reviewed our commercialization plans, and our science and product potential, and their investment is a strong vote of confidence. These funds will place Neurodyn on a solid growth track as we commercialize our lead therapies in the areas of Parkinson’s disease and nerve pain," Kenneth Cawkell, CEO of Neurodyn

Neurodyn is currently placing a remaining amount of $500,000 in equity investment, which qualifies for a 20 per cent rebate from the P.E.I. government and will bring this initial round of financing to a close.

Neurodyn Inc. is a Canadian biotechnology company using a portfolio approach to identifying, validating and developing natural bioactives into both prescription drugs and natural products for the early treatment of neurological diseases.

Based in Charlottetown, the company has developed its BioActives Discovery Engine™ through a combination of 1) international partners with demonstrated historical knowledge of natural compounds, 2) in-house medicinal chemistry capability, and 3) proprietary animal models of neurological disease.

 

 

Organizations: Neurodyn, Regis Duffy BioScience Fund, Mertz Holdings

Geographic location: Charlottetown, P.E.I., U.S. Houston, TX

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  • Ken
    February 17, 2013 - 09:42

    What happened to my post from yesterday ? Was it too critical and asking some pointed questions about the hype for this company contained in the article ? I would like to see some concrete results from this company , not just ethereal ideas and concepts and "Research" from some elite brain trust that an average taxpayer can't understand. Are they just "pulling the wool over officials eyes" or are they legitimate ? A large amount of taxpayers money, both federally (ACOA) and Provincially is at stake, so these are legitimate questions and some skepticism is warranted given the governments track record for investments in many firms that have gone down the drain taking the taxpayers money with them.

  • Ken
    February 16, 2013 - 13:34

    Is this just Nutriceuticals under a fancy name ? Will have to watch and see how this flies or fails . Is this really groundbreaking or another pipe dream, with only ideas, no proven product, with smooth talking high flyers out to grab the taxpayers money and then disappear ? Remember the DOT.COM bubble ? The proof will be when they actually develop and market products,, after getting approval from relevant health agencies, after many expensive trials, for which no doubt they will be seeking further investments. Who in the government has the knowledge to properly assess this before putting taxpayer money at risk. What is meant by terminology such as " portfolio approach", "Discovery Engine " "historical knowledge of natural compounds" and "proprietary animal models " Seems to me that if this was so promising it would have been snapped up by corporate entities in the USA before now. I would hang on to my wallet and want more than concepts before opening it, look out !

  • tom Paine
    February 16, 2013 - 13:01

    repeat after me. PRIVATE financing. PRIVATE financing. PRIVATE financing. Congratulations.