QBIOGENE INC. SECURES US$3.0 MILLION FINANCING FROM THE GATX/MM VENTURE FINANCE PARTNERSHIP
Montreal, Canada June 30, 2002 - Qbiogene Inc., a fully integrated provider of molecular and cellular biology drug discovery and development research products and services, has secured a US$3.0MM venture loan from the GATX/MM Venture Finance Partnership.
Qbiogene provides a broad range of life sciences research products and custom services to academic, biotechnology and pharmaceutical researchers worldwide. Qbiogene's product portfolio provides products for basic research in gene identification, cloning and expression; continues with customized manufacturing services of research grade plasmids, viruses and antibodies; and culminates with contract manufacturing of biopharmaceuticals for use in clinical trials.
"This financing provides additional working capital and helps Qbiogene further expand its cGMP manufacturing operations, said Dr. Garth Cumberlidge, President & Chief Executive Officer of Qbiogene. This loan provides a unique non-dilutive style of financing for the Company and will play a key role in furthering Qbiogene's growth.
The markets for Qbiogene's products are experiencing rapid growth as a result of recent technological revolutions such as in genomics and proteomics, leading to increased spending on research and development by entities in both the public and private sectors, said Minhas Mohamed, Managing Partner of MM Venture Partners. We believe Qbiogene is well positioned to capitalize on this fast growing market and become a leader over the next few years.
GATX/MM Venture Finance Partnership
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