MedGenesis Raises $2.8 million Seed Round, Retains Edgemont Capital Partners to raise $15M Series A
Erich Mohr, chairman and chief executive of MedGenesis, said the seed round came from high net worth individuals, mostly within the U.S.
Mohr said that MedGenesis has just retained Edgemont Capital Partners of New York to place the Series A, which he expects to come largely from venture capital firms, although he has received interest from existing individual backers. The round is expected to close by mid-2007.
Based in Victoria, B.C., MedGenesis was founded in February with technology licensed from the University of California.
The company’s lead compound is a potential treatment for glioblastoma multiforme, a type of malignant brain tumor. “We are currently formulating our lead compound,” Mohr said. “We are into the toxicology phase and we are anticipating clinical trials in late ’07.”
The seed financing should last the company until the start of the clinicals, Mohr said. “The next round will be for beginning the clinical trial,” he said.
Prior to the seed round, Mohr said he funded MedGenesis out-of-pocket. The company has six employees.
At Edgemont Capital Partners
David K. Blume, Managing Director
Phone: 212-867-8935 Fax: 212-214-0911
Jeff B. Swearingen, Principal
Phone: 212-867-8935 Fax: 212-937-3816