DURHAM, NC--New York investment firm Muzinich & Company arranged a private placement of $2.5 million, mostly from European institutional investors, with EpiGenesis Pharmaceuticals, a drug discovery company here focused on selective manipulation of gene expression to provide novel treatments for asthma and drug-resistant cancer. Based on the company's performance, the financing could expand to $5 million within two years.
"The company's proprietary drug discovery and target validation methods represent a leap in technology that can address many unmet medical needs," Muzinich principal Karen Giroux said.
The pharmaceutical plans to use the financing to advance development of its lead compound Epi 2010, and its technology platform for the asthmatic lung. EpiGenesis plans to form an alliance with a large multinational pharmaceutical company to complete preclinical and clinical evaluation of Epi 2010, according to President and CEO Jonathan Nyce.