MONTREAL ¿ Fidelity Investments of Toronto, the world¿s largest mutual fund company, with C$750 billion (US$515 billion) in assets, has increased its participation in Theratechnologies Inc., with a C$6 million investment in the form of special warrants. Theratechnologies, a Montreal-based biotechnology company, is developing and marketing innovative therapeutic products with strong growth potential. Its two core products include the photodynamic treatment of cancers affecting bone marrow (PDP) and growth hormone-releasing factor (GRF) analogues intended for tissue regeneration, among other indications.
More than half of the net proceeds from Fidelity will be added to the company¿s working capital, while the balance of the proceeds will serve to increase, up to a maximum of 49.9 percent, Theratechnologies¿ interest in Ecopia BioSciences, which is its affiliated company focusing on bacterial genomics.
Luc Tanguay, senior vice president and chief financial officer of Theratechnologies, said the investment will allow the company to accelerate the development of its products and strengthen its institutional shareholder base.
Theratechnologies¿ affiliated company, Ecopia Bio Sciences, focuses on the discovery of novel antimicrobial agents to fight the growing number of human pathogens that resist all of the therapeutic agents in current clinical use. Ecopia¿s genomics approach is based on the application of automated DNA sequencing and computer bioinformatics analysis to natural populations of antibiotic-producing microorganisms. ¿ Peter Winter