FOR IMMEDIATE RELEASE
BioStratum Raises $28 Million in Private Financing
Research Triangle Park, N.C., --March 27, 2000-- BioStratum Incorporated,
the world leader in basal
"The strength of this financing reflects the investor's confidence in the potential of our two lead drug candidates, Pyridorin™ and Angiocol™, as well as the Company's basal lamina research pipeline," said Claus Kühl, M.D., Ph.D., President and CEO of BioStratum. "We welcome three new institutional investors along with significant follow-up investments made by our existing shareholders."
The funds will be used to:
The Company's focus on the basal lamina as a source of new therapeutic targets and treatments is unique to the biotechnology industry. The basal lamina is a specialized form of the extracellular matrix that exists as a thin membrane interacting directly with bordering cells and tissues. The basal lamina acts as a "biological operating system", directing the function and activity of cells and tissues through the binding and clustering of cell receptors.
Many of the disease processes found in diabetes and cancer involve significant pathological changes to the vascular and tissue basal laminas. BioStratum scientists have elucidated the molecular basis of many of these pathologies, which has lead to the discovery of Pyridorin™ and Angiocol™.The Company's basal lamina research is also uncovering several new promising targets and drug candidates for kidney and autoimmune diseases.
"Talk about being in the right place at the right time," continued Dr. Kühl. "Pioneering work in understanding the structure and composition of the basal lamina started about 25 years ago. Recent work by BioStratum scientists and others are now uncovering its important role in degenerative and invasive disease processes. These advancements are providing exciting new approaches for the treatment of diabetic kidney disease, cancer, and autoimmune disease, which are major medical problems in need of effective therapies."
Pyridorin™ is a highly specific and potent inhibitor of advanced glycation
end-product formation, also known as AGEs, which occur at elevated levels
in patients with diabetes, and are regarded to be a major causative factor
Angiocol™ is a potent anti-angiogenesis drug candidate that targets the
vascular basal lamina. The Company believes that Angiocol™'s basal lamina-based
mechanism of action results in a multi-functional inhibitory activity
against new blood vessel growth, which explains its observed potent anti-angiogenesis
and anti-tumor activity
BioStratum, based in Research Triangle Park, N.C., is