FOR IMMEDIATE RELEASE
DepYmed, Inc. Announces $2 Million Financing
Completion of Series ‘A’ Round of Funding with TopSpin
October 26, 2016 (Cold Spring Harbor, NY) – DepYmed, Inc., a pharmaceutical company focused on phosphatase inhibition for multiple therapeutic applications, today announced the completion of a Series ‘A’ Round of funding with TopSpin Fund, L.P. for a total of $2 million. At closing, $1 million was received by Depymed, and another $1 million will be provided pending the achievement of specific development milestones.
“We are very pleased to have received this investment from TopSpin, a prestigious Long Island based venture capital fund.”, said Andreas G. Grill, President and CEO of DepYmed, Inc., “We believe this investment validates our approach to treating cancer with phosphatase inhibitors and provides us with the ability to further expand our platform of PTP1B inhibitors for the potential treatment of diseases across multiple therapeutic areas.”
DepYmed, Inc. is currently conducting a phase 1 clinical trial of its lead compound, MSI-1436C (Trodusquemine), as a therapeutic candidate for HER2-positive breast cancer. The clinical study is ongoing at the Monter Cancer Center – a state of the art cancer treatment center and part of Northwell Health. DepYmed is also in preclinical development of more potent PTP1B inhibitors in collaboration with Cold Spring Harbor Laboratory exploring additional indications within oncology, metabolic diseases as well as central nervous system (CNS) indications.
In connection with the financing, Steve Winick, Managing Director at TopSpin Fund, L.P. joined the Board of Directors at DepYmed, Inc.
Steve Winick had been with Honeywell (and the Ademco division of Pittway Corp., before its acquisition by Honeywell in 2000) for over 21 years as CTO of the security business, as well as founder and president of its wireless communications services business. Mr. Winick received a B.S. in Economics from the Wharton School of the University of Pennsylvania in 1971 and a B.S. in Electrical Engineering in 1972, also from Pennsylvania. He received his J.D. from Georgetown University Law Center and is a registered Patent Attorney.
ABOUT DEPYMED, INC.
DepYmed Inc., is a New York based therapeutic development company. DepYmed’s lead compound in development is MSI-1436C (Trodusquemine), a potent inhibitor of the enzyme PTP1B (protein tyrosine phosphatase 1B). MSI-1436C is currently in clinical development as a therapeutic candidate for HER2-positive breast cancer. DepYmed continues to develop the next generation of more potent PTP1B inhibitors / analogs which are currently in preclinical development in collaboration with Cold Spring Harbor Laboratory and continues to explore additional indications that may benefit from using PTP1B inhibitors as therapeutic agents. The Company was founded through a joint venture between Ohr Pharmaceutical, Inc. (NasdaqCM:OHRP) and Cold Spring Harbor Laboratory.
ABOUT TOPSPIN FUND, L.P.
TopSpin Partners is a venture capital and private equity firm based on Long Island. TopSpin is the successor fund to the Long Island Venture Fund, a successful venture capital fund which began investing in 1995.
ABOUT COLD SPRING HARBOR LABORATORY
Founded in 1890, Cold Spring Harbor Laboratory has shaped contemporary biomedical research and education with programs in cancer, neuroscience, plant biology and quantitative biology. Home to eight Nobel Prize winners, CSHL has been an NCI-Designated Cancer Center since 1987 and is clinically affiliated with Northwell Health. The Laboratory has produced 28 spin out companies. A private, not-for-profit, CSHL employs 1100 people including 600 scientists, students and technicians. The Meetings & Courses Program hosts more than 12,000 scientists from around the world each year on its campuses in Long Island and in Suzhou, China. The Laboratory's education arm also includes an academic publishing house, a graduate school and programs for middle and high school students and teachers. For more information, visit www.cshl.edu.