Quantcast
Last updated on April 17, 2014 at 11:16 EDT

viDA Therapeutics Inc. Completes Financing of $1.8 Million Led by BDC Venture Capital

July 10, 2013

VANCOUVER, July 10, 2013 /PRNewswire/ - viDA Therapeutics Inc. (viDA), a private biotechnology company, is
pleased to announce the closing of a $1.8 million equity financing
round. viDA is pursuing the discovery and development of novel,
first-in-class drugs that inhibit the granzyme family of serine
proteases for the treatment of several chronic inflammatory and
age-related diseases.  The financing was led by BDC Venture Capital and
included support from a number of angel investors.

This new funding will support additional preclinical research to further
demonstrate the mechanism by which extracellular Granzyme B (GzmB)
contributes to the pathology of a number of inflammatory and age
related conditions of the skin, musculoskeletal, cardiovascular and
neurological systems.

“With the funds raised to date, viDA has demonstrated, through systemic
and topical delivery of inhibitors specific to extracellular GzmB,
efficacy in a number of relevant models of disease.  We have also
expanded our library of proprietary inhibitors of GzmB”,” said Alistair
Duncan, President and CEO of viDA Therapeutics Inc. “Demonstrating
proof of concept in additional models of disease along with access to
new proprietary inhibitors will provide a rich pipeline of potential
treatment opportunities for certain fibrotic, autoimmune, degenerative
and age-related chronic inflammatory diseases”.

“viDA’s technology continues to demonstrate an exciting and robust
opportunity and we were pleased to lead this round as a show of our
support for the company,” commented Mr. Charles Cazabon, Managing
Partner at BDC Venture Capital. “This investment is part of our
strategy of partnering with the most promising Canadian entrepreneurs
to commercialize innovative solutions and approaches to improving
health outcomes.”

About viDA Therapeutics

viDA Therapeutics, Inc. is a platform-based, biotechnology company that
is developing first in class therapeutics, across a broad range of
diseases, that capitalize on its recent discovery of a new mechanism of
action for a well characterized protease target, Granzyme B (GzmB).
This is emerging science potentially leading to new treatments for
fibrotic, autoimmune, degenerative and age-related chronic inflammatory
diseases and is pivotal in understanding the underlying causes of
diseases affecting vasculature, skin, musculoskeletal and potentially
neurological systems. GzmB is one of a family of five serine proteases
now emerging as key targets for drug development given recent
discoveries of their extracellular actions.  viDA is developing a suite
of granzyme inhibitors designed for multiple routes of administration
to treat chronic and orphan skin conditions, fibrosis, rheumatoid
arthritis, and cardiovascular disease. For more information, please
visit www.vidatherapeutics.com.

About BDC Venture Capital 

With more than $1 billion under management and more than 25 years of
industry experience, BDC Venture Capital is an investor of choice
focusing on IT, health, and energy/cleantech companies, as well as
venture funds, with high growth potential. From seed through expansion
to exit, our mandate is to help build outstanding Canadian companies,
while working to create a sound financial ecosystem for Canadian
technology ventures.Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.

SOURCE viDA Therapeutics Inc


Source: PR Newswire