Theratechnologies spins off new cell therapy firm

Guest Contributor
June 25, 2001

Theratechnologies Inc has received $60 million in capital to spin off its ex vivo photodynamic cell therapy program as Celmed BioSciences Inc and has acquired two California-based firms that develop technologies for the treatment of neuro- degenerative diseases. The strategic reorganization is aimed at maximizing asset value and continues the Montreal-based firm’s practise of spinning out technologies to be developed and commercialized as separate business entities. Celmed combines Theratechnologies technology, valued at $125 million, with NeuroGeneration and NeuroGenomics, the two California firms that were acquired with Celmed shares. The new firm, based in St Laurent PQ, also received $30 million each from SGF Santé Inc, a subsidiary of Société générale de financement du Québec and Solidarity Fund QFL. Each fund will own 15% of Celmed, which will also maintain facilities in the Los Angeles area. Dr Michael Lévesque, founder of NeuroGeneration, becomes VP medical affairs of Celmed. The transaction creating Celmed is structured to take the firm public and Theratechnologies can buy back the shares of its partners. In the past Theratechnologies has created two other successful firms — Andromed and Ecopia Biosciences….

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