LONDON, July 29, 2010 /PRNewswire/ -- CMP Therapeutics (CMPT) is pleased to announce the appointment of Dr Neill Moray Mackenzie to the role of Chief Executive Officer. Dr Mackenzie brings to CMPT a long record of executive board level management within the biotechnology and pharmaceutical industries at companies including Cambridge Genetics Ltd, Oxford Biomedica plc (an LSE listed company), Avidex Ltd (now Immunocore) and most recently as the SVP for Business Development and Corporate Strategy at Medigene AG (a Borse-listed company) and CEO of Roji Ltd (London). In addition, Dr MacKenzie was formerly a Departmental Head in Vaccine RD at Wellcome and a Wellcome Lecturer in Immunology at the University of London.
CMPT also announces the injection of a EUR1.5million convertible loan from Inventages Venture Capital to support continuing operations and the upcoming clinical trial of its lead product for the common cold. CMPT has been supported solely by investments from London-based Inventages Venture Capital and New Zealand-based BioPacificVentures since 2005.
Dr Achim Kaufhold, Chairman of CMPT said Now is a pivotal time for CMPT as we move into advanced clinical development for our lead product and we are delighted to welcome Dr Mackenzie as CEO. He combines proven experience in driving the corporate development of spin-outs from the Universities of Cambridge and Oxford with a highly relevant academic background in immunology and is ideally placed to ensure the rapid realisation of the value of our ground breaking technology.
Dr Mackenzie said: I am delighted to have been chosen for this role. CMPT is based on unique science from the Medical Research Council's Histochemistry Unit in the University of Oxford and has opportunities in major therapeutic markets such as viral infection, allergy and also functional foods. With a lead compound that has Over-The-Counter (OTC) potential as a treatment for the common cold we hope to be ready for the market shortly after we have completed clinical trials over the next two years.
Dr Bruce Savage, the former CEO, leaves CMPT to concentrate on his other portfolio companies. The Board would like to thank him for his efforts over the years in building the Company.
About CMP Therapeutics
CMP Therapeutics, founded in 2004, is a company that develops products for colds, flu and allergy based on b 1-3 N-acetyl glucosamine (chitin). b 1-3 N-acetyl glucosamine is extracted from natural sources. It is processed into micro-particles (Chitin Micro-Particles or CMP) under GMP manufacturing conditions. CMP is the active component. When administered intranasally it has been shown to be safe in man and effective in models of disease, including viral disease and bacterial diseases of the respiratory tract and allergy. CMP Therapeutics has worldwide patents and patent applications covering the uses and the manufacture of CMP for allergy, viral and bacterial disease, and as a vaccine adjuvant.
About Inventages Venture Capital
Inventages Venture Capital is a fund management company specializing in life sciences, with business offices in London, the Bahamas, Switzerland and New Zealand. It currently manages five funds, with a total of approximately $1.5 billion under management. The funds were raised to support companies in the areas of pharmaceutical and biotech development, nutrition and health and wellness with a strong focus on prevention. Portfolio companies are intensively supported and can leverage the depth of business experience and strong relationships that the Inventages partners have with the global pharmaceutical, cosmetic, food and biotech industries.
BioPacificVentures is one of the world's largest food, nutrition and agriculturally focused venture capitalists, specializing in the convergence of food and health with a focus on prevention, nutrition, food technology and agbiotech. BioPacificVentures pursues attractive life science investment opportunities with an Australasian focus and takes lead or co-investment positions in rounds ranging from NZ$2 to NZ$10 million. Strategic and financial investors with global reach and industry specific expertise support BioPacificVentures.
About the Common Cold
The common cold (also known as acute viral rhinitis or acute coryza) is extremely common. The disease affects the upper respiratory tract and is highly contagious. There are as many as 200 viruses that may be responsible for this condition. Symptoms including sore throat, runny nose, nasal congestion, sneezing, cough, and headache can last from four to fourteen days. Symptoms can be particularly severe in asthmatics, the immunocompromised (for example those on chemotherapy) and those with pre-existing lung conditions. Colds can exacerbate more serious upper and lower respiratory tract infections, including acute otitis media (glue ear) in children, and are thought to account for about 50% of all hospitalisations for acute exacerbations of asthma in children.
The socioeconomic impact of the common cold is significant. One study showed that adults and children in the United States experience two to six colds per year, accounting for 75 to 100million physician visits annually at a conservative cost of $7.7 billion. Americans spend $2.9 billion on Over-The-Counter (OTC) remedies and another $400 million on prescription medicines for symptomatic relief. Topical decongestants (nasal sprays) account for $1.545 billion in sales globally. An estimated 22 to 189 million school days are missed annually because of colds and as a result, parents miss 126 million workdays. When combined with an additional 150 million workdays missed by employees suffering from a cold, the total economic impact of cold-related work loss in the USA alone exceeds $20 billion.
Contact Dr Neill Moray Mackenzie CEO CMP Therapeutics Tel: +44-(0)7770-404929 firstname.lastname@example.org http://www.cmptherapeutics.com Media Enquiries Citigate Dewe Rogerson Chris Gardner / Helena Galilee Tel: +44-(0)207-638-9571 / +44-(0)7903-321032 email@example.com / firstname.lastname@example.org
SOURCE: CMP Therapeutics
CONTACT: Contact: Dr Neill Moray Mackenzie, CEO, CMP Therapeutics, Tel:+44-(0)7770-404929, email@example.com,http://www.cmptherapeutics.com. Media Enquiries: Citigate Dewe Rogerson,Chris Gardner / Helena Galilee, Tel: +44-(0)207-638-9571 /+44-(0)7903-321032, firstname.lastname@example.org /email@example.com