PhageTech Completes Private Placement

PhageTech Inc. successfully completed a $16 million private placement round of financing on January 30, 2002. Founded in 1997, PhageTech is a private, venture-backed, discovery-phase Canadian biotechnology company. It is dedicated to revolutionizing the treatment of microbial infections by becoming an industry leader in the discovery and development of new classes of antibiotics from phage genomics.

The funding was led by new investor CDP Capital Technologies (previously Sofinov) and included as new investors Seaflower Health Ventures III LP of Boston and T2C2/Bio 2000 LP, as well as further financing from Canadian Medical Discoveries Fund Inc., GeneChem Therapeutics Venture Fund, L.P. and Fonds de solidarité des travailleurs du Québec (FTQ). Sharon Druker of Gowling Lafleur Henderson LLP in Montreal acted for PhageTech. Elizabeth Pedzik, Norman Rishikof and Jonathan Dorval of Lapointe Rosenstein represented the investors.