Toronto, December 14, 2004 - VenGrowth Capital Partners Inc. ("VenGrowth"), a leading private equity firm with over $1 billion in assets under management, welcomes the announcement of a breakthrough licensing agreement by portfolio company Trillium Therapeutics Inc. ("Trillium"). The Toronto-based private medical research and development company has entered into a major deal with Genentech, Inc. (NYSE: DNA), one of the world's largest biotechnology companies. The VenGrowth Advanced Life Sciences Fund is the largest shareholder in Trillium.
"This is one of the most significant deals to date for the Canadian biotechnology industry," said Dr. Luc Marengère, VenGrowth Managing General Partner. "It confirms the importance of Trillium's programs and establishes the company as a rising force on the international biotechnology stage. It also highlights the importance of bringing in professional management, a condition of our initial investment in Trillium."
The licensing agreement gives Genentech the exclusive worldwide rights to develop and commercialize one of Trillium's lead drug programs. Under the deal, Trillium will receive license fees, funding and milestone payments. Having secured multiple years of guaranteed significant cash flow, Trillium is well positioned to advance existing programs and explore new opportunities.
Trillium specializes in innovative therapies to help relieve the symptoms of people suffering from autoimmune disorders such as multiple sclerosis, rheumatoid arthritis, type 1diabetes and inflammatory bowel disease. Trillium has demonstrated that its soluble version of a naturally occurring protein has the potential to redress imbalances in the immune system to treat life threatening and debilitating autoimmune conditions. The company is developing a platform of exclusive programs in this area.
The VenGrowth Advanced Life Sciences Fund led a CDN$7.5 million Trillium financing round in December 2002 and completed a follow-on investment in December 2003. The Fund's investment managers have played a leading role in the strategic development of Trillium, guiding the company's growth from a University of Toronto laboratory to a self-contained, state of the art 10,000 square foot facility. VenGrowth has also been influential in bringing together a first-class senior management team and advisory board, as well as a team of independent directors that includes some of the most experienced and successful individuals in the North American and UK biotechnology industries.
"VenGrowth has been a significant strategic partner for Trillium by supporting us in our quest to capitalize on our important research and development in the autoimmune field," said Dr Niclas Stiernholm, Trillium Chief Executive Officer. "This deal provides Trillium with significant resources to build on the progress the company has made in the last few years."
"A core strategy of the VenGrowth Advanced Life Sciences Funds is to invest behind professional management. This important announcement is a validation of that strategy and a good example of the potential within the Fund and the Canadian life sciences industry," said Dr. Marengère.
About VenGrowth Advanced Life Sciences Fund
The VenGrowth Advanced Life Sciences Fund Inc. focuses on advanced investment opportunities within Canada's high growth life sciences sector. Launched in 2002, the Fund has invested over $92 million in a diversified portfolio of companies - elevating VenGrowth to a leadership position among Canadian investors in the burgeoning life sciences area. Sectors targeted by the Fund include biotechnology, pharmaceuticals, diagnostics, medical devices and imaging products and other special life sciences opportunities. This diversified approach is designed to offer investors the combined benefits of high return potential and lower risk. The Fund is managed by a team of specialized VenGrowth professionals led by Dr. Luc Marengère, a highly regarded scientist and venture manager. The Fund also leverages the expertise of an external advisory board including leading members of the North American medical and life sciences communities. In addition to expert management, the Fund offers investors long-term performance potential, 100% RRSP-eligibility and, through its labour-sponsored investment fund structure, eligibility for substantial tax credits. The Fund had net assets of $170.4 million as of December 3, 2004.
About VenGrowth
With over $1 billion in assets under management, VenGrowth is Canada's largest private equity and venture capital firm managing both retail and institutional assets. Since 1982, VenGrowth's accomplished team of seasoned private equity managers has invested over $1 billion in 177 companies, building a strong track record of successful portfolio transactions. These investments have been made on behalf of over 180,000 individual investors and leading pension funds, banks, insurance companies and family foundations. Portfolio companies benefit from VenGrowth's substantial experience, resources, and hands-on investment style. VenGrowth's offices are located in Toronto (Corporate Headquarters) and Ottawa. References to VenGrowth in this press release include those VenGrowth Funds under common management. For more information, please visit www.vengrowth.com .
About Trillium
Trillium Therapeutics Inc. is a private research and development company specializing in innovative therapies that restore balance to the immune system in conditions associated with aberrant and harmful immune responses. These include autoimmune and inflammatory disorders, graft rejection, cancer and chronic viral diseases. The Company identifies early-stage therapeutic candidates with promising preclinical profiles and advances these towards clinical testing, with the primary objective of demonstrating safety and efficacy in humans. Trillium currently has three programs; two targeting the CD200 immunoregulatory axis and a third that focuses on pro-inflammatory cytokine receptor antagonists. The company has a broad network of external academic and industry R&D collaborations. www.trilliumtherapeutics.com
For further information
Angus Fisher
VenGrowth Capital Partners Inc.
(416) 628 9255
afisher@vengrowth.com
