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Tuesday June 26, 1:58 pm Eastern Time
Press Release
BioMimetic Pharmaceuticals, Inc. Receives
Investment from Novo A/S
NASHVILLE, Tenn.--(BW HealthWire)--June 26, 2001--BioMimetic Pharmaceuticals,
Inc. (BMPI), has received a substantial investment from Novo A/S, the investment and
holding company of the Novo Group. The exact amount of the investment was not disclosed.
BMPI is developing products based on the principals of tissue engineering and biomimetics,
new, promising fields of reconstructive biology that utilize recent advances in medicine,
molecular and cellular biology and polymer chemistry to promote tissue and organ
regeneration. Globally, restoration of bone and other tissues represents an annual $5-7 billion
market opportunity.
``We are very pleased that the investment arm of one of the leading pharmaceutical and
biotechnology groups in the world has chosen to make a substantial investment in our
company'' commented Dr. Samuel Lynch, Chairman and Chief Executive Officer of BMPI.
``To pass the rigorous due diligence process of an investment company with the insight into
pharmaceutical industry affairs such as Novo A/S demonstrates the strength of our science
and product development process'' Lynch further commented.
Novo A/S is the holding and venture capital arm of the Novo Group with an international
focus on life science. Novo A/S is wholly owned by the Novo Nordisk Foundation and
holds significant shareholdings in Novo Nordisk A/S (world leader in diabetes care) and
Novozymes A/S (a world leader in enzymes for industrial use). Since its establishment in
early 2000, Novo A/S has built a rapidly expanding portfolio of venture capital investments
in pioneering companies such as 7TM Pharma, Combio, Cureon, Leukotech, NatImmune,
Neurodan, Pharmexa, Rejuvenon, Symphogen, Torsana Diabetes Diagnostics, Xenon and
Zymogenetics.
According to Dr. Thomas Dyrberg, Senior Scientific Advisor at Novo A/S and new member
of the BMPI's Board, ``We are very enthusiastic about our investment in BMPI. We believe
that BMPI has very promising technologies and experienced management, an excellent
product development strategy, strong corporate alliances with other leading biotechnology
companies such as Chiron Corporation and ZymoGenetics, Inc. These are the qualities we
look for in an investment opportunity.''
BMPI is a biopharmaceutical company focused on the development, commercialization and
ultimate marketing of protein therapeutics for tissue and organ regeneration. BMPI's lead
technologies are for the healing and restoration of bone and other tissues. Its lead products
are based on recombinant human platelet-derived growth factor BB (rhPDGF-BB).
The first therapeutic indication to be targeted by BMPI is the treatment of bone defects resulting from periodontal diseases.
Periodontal (gum) diseases represent a substantial emerging market opportunity. It is estimated that 10%-15% of the US
population has advanced forms of disease that often require surgery or tooth extraction. Approximately 2 million periodontal
surgeries are performed annually in the US. Consequently, periodontal surgery is one of the most common surgical procedures
performed today. In addition, there are numerous other potential indications for BMPI's lead PDGF therapeutic product. For
example, there are about 10 million surgical extractions annually, many of which could potentially benefit from the Company's
technologies.
Previous investors in BioMimetics include Burrill & Company of San Francisco and Holden Capital of Denver.
Contact:
BioMimetic Pharmaceuticals, Inc.
Samuel Lynch, 615/844-1280
or
ScyTech, Inc.
Dennis Grimaud, 615/243-7104
Dgrimaud@scytech.org
or
Novo A/S
Ulrik Spork or Dr. Thomas Dyrberg, + 45 8824 8824 |
