Orion Biotechnology Canada Announces Closing of $5 Million Financing
OTTAWA, March 20, 2018 (GLOBE NEWSWIRE) -- Orion Biotechnology Canada Ltd today announced it has completed a US$5 million private placement financing late last year. "We are delighted to have secured the financial resources during this period of rapid expansion," said Mark Groper, President and Chief Executive Officer. "This financing allows Orion, as a private company, to continue development of its expanding pipeline of innovative products, including expansion of our infrastructure and human resources. It also provides external validation of the unique value proposition of the company's pipeline products which include candidates in the areas of Sexual Health, Oncology and Multiple Sclerosis.
Orion is a research and development organization committed to developing novel approaches to address serious health issues. A prime example of this is the company's microbicide candidate, OB-001, which is being evaluated as a contraceptive gel which also prevents the transmission of HIV. "This is a unique product which has significant potential," said Dr. Ian McGowan, Chief Scientific Officer of Orion. "Antiretroviral microbicide candidates have activity against HIV, and in some cases HSV-2, but lack contraceptive efficacy. In contrast, Orion's unique non-antiretroviral product could have the potential to protect against both HIV infection and pregnancy without the need for voluntary counselling and testing for HIV infection. There is no doubt that such a product would be a valuable addition to the sexual health armamentarium."
Rudolf Bom, Founder and Chairman of Orion Biotechnology Canada Ltd., said "Orion Biotechnology is an example of the kind of exciting and innovative results that can be realized when world-class science comes together with entrepreneurial and seasoned capital investors. Orion is now in a position to rapidly advance several of its innovative solutions toward the clinic."
About Orion Biotechnology Canada, Ltd.
Orion Biotechnology Canada Ltd, is a privately held pharmaceutical company founded on the vision of radically improving the health of the global population through successful treatment and prevention of the most serious chronic illnesses and life-threatening diseases. Since 2011, Orion has been developing a robust pipeline of potential products based on novel formulations discovered in different parts of the world. Our close ties to diverse institutions and experts around the globe continue to stimulate the rapid discovery of promising new treatments. With operations in North America, Europe and Asia, Orion brings together innovative technologies from some of the world's leading research institutions such as the Mintaka Research Foundation and the Center for Public Health Research at Nanjing University. Learn more at www.orionbiotechnology.com.
This press release contains forward-looking information, which reflects Orion's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Orion's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, Orion assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: Ross MacLeod
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Orion Biotechnology Canada Ltd via Globenewswire
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