Zytoprotec Raises EUR 2 Million in Financing from Baxter Ventures
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|Tuesday, 29 January 2013 11:45 (UTC + 1)|
Vienna, Austria, January 29, 2013 / B3C newswire / – Zytoprotec, a company developing novel peritoneal dialysis solutions and other treatments based on active cytoprotection, today announced that is has raised EUR 2 million in financing from new investor Baxter Ventures towards a EUR 4 million Series A financing. Baxter Ventures is an investment initiative established by Baxter International in 2011 to invest up to USD 200 million in promising companies. As a result of the financing Norbert Riedel, Ph.D., Baxter’s Chief Science and Innovation Officer will join Zytoprotec’s Supervisory Board.
Zytoprotec’s most advanced product, PD-protec™, is a next-generation solution for peritoneal dialysis (PD) designed to actively protect abdominal cells. The peptide used as the cytoprotective component of PD-protec™ is patent-protected by Zytoprotec. The product has completed a Phase I/II trial in 2012 and a Phase II trial is planned to commence in early 2013.
“We are very pleased to add Baxter to our investor base, given the company’s longstanding expertise and leadership in PD therapy”, Peter C. Weilguni, Chief Executive Officer of Zytoprotec, commented. “We welcome Dr. Riedel to the Board of our Company as we are preparing PD-protec™ for a Phase II clinical trial.”
“Zytoprotec offers an exciting technology opportunity to protect the peritoneal membrane”, commented Norbert Riedel, Ph.D, Baxter’s Chief Science and Innovation Officer. “A peritoneal dialysis solution that holds the potential to prolong treatment time on PD would bring significant benefits to patients with kidney disease.”
Out of 2.5 million patients depending on dialysis worldwide, approximately 250,000 are treated with PD. Due to the ageing of the population and growing incidence of diabetes and high blood pressure, the number of dialysis patients (including PD) is growing and there is greater opportunity and need for advanced and differentiated solutions to meet patient needs.
Since its inception in 2007, and prior to this new investment, the Company has raised EUR 6.7 million from its founders, from corporate, private and institutional investors, as well as from Austrian public agencies.
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