- Injection of Funds Will Boost Company's Internationalization Efforts
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SINGAPORE, April 3SINGAPORE, April 3 /PRNewswire/ -- Singapore-based Moleac announced that it has raised US$3.5 million. This Series A investment comes from a group of private investors, who are based in both Europe and Asia, and Hunza Ventures. Moleac will use this injection of funds to market its first product NeuroAid(TM) on a global scale.
NeuroAid(TM) is a natural medicine developed in China. Clinical trials have shown that patients taking NeuroAid(TM) within six months from a stroke achieve better neurological and functional recovery. This product is already listed in 7 countries and is available worldwide through IDIS Pharmaceuticals. NeuroAid(TM) has reached patients in 25 countries and is expected to benefit about 10,000 patients in 2008.
Moleac will also use the investments to fund international clinical trials that demonstrate the efficacy of NeuroAid(TM) during the acute stage of stroke. Currently, Moleac is supporting the CHIMES society which implements a multi-centre clinical trial with 1,100 patients, called the CHIMES trial. This is the largest clinical trial on stroke recovery. It is also the first time any Traditional Chinese Medicine product has been assessed on such a wide scale outside China. This study chaired by Professor Bousser (Paris) and led and implemented by Professor Chris Chen in Asia is looking at the efficacy of NeuroAidTM in improving independence in patients, with treatment starting within 48 hours of a stroke. The clinical trial is currently being implemented in several leading centres in Singapore and the Philippines.
"Demonstrating the benefits of NeuroAid(TM), when administered at the acute stage of a stroke, to the global market will enable it to become a systematic treatment modality. This is important, as there are currently no other drugs available to stroke patients, to help them during their recovery," said David Picard, CEO/ co-founder Moleac. "We are targeting to hit revenues of US$30 million within the next 3 years, which will be mainly driven by NeuroAid(TM)."
In addition to NeuroAid(TM), Moleac has a pipeline of 12 other products. The company plans to market its second product, a smoking cessation medical device, in 2009.
About Moleac
Moleac is a Singapore biopharmaceutical company that identifies promising medicines and develops them for broad distribution. Focusing on patients' greatest needs and specific unmet medical needs, Moleac drives research, development and registration for a pipeline of drugs and devices in various stages of development.
About Hunza Ventures
Hunza Ventures is the venture capital arm of a privately held group of companies. Hunza Ventures focuses its investments on the biotech, pharmaceutical, Medtech and high-tech industries. It invests in companies with great potential for value creation and applies its business experience, knowledge and networks to make them best-in-class.
DISCLOSURE NOTICE: The information contained in this release is as of 3 April 2008. Moleac assumes no obligation to update any forward-looking statements contained in this release as the result of new information or future events or developments.
Contact: Chan Yiu Lin Mobile: +65-9-7655897 Email: yiulin@greenergrass.com.sg
Web site: http://www.moleac.net
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