Cryptopharma raises $0.8m to progress cystic fibrosis drug
Cryptopharma appoints David Crump as new CEO
17 October 2007, Melbourne: Melbourne-based pulmonary inflammation biotechnology company Cryptopharma Pty Ltd has appointed Dr David Crump as chief executive officer and completed an $800,000 capital raising.
David Crump is a qualified medical practitioner with comprehensive experience in drug discovery, preclinical development, clinical research and strategic drug development.
David Crump's experience includes almost 15 years with Amrad Corporation Ltd (subsequently Zenyth Therapeutics Limited) where he was medical director and head of development.His drug development experience is complemented by commercial experience in senior management in Australian biotechnology.
Dr Paul MacLeman, Crytopharma's previous CEO, has been appointed to the Cryptopharma Board as non-executive director.
Cryptopharma has also recently finalised an $800,000 capital raising from existing institutional investors GBS Venture Partners, Uniseed and ANU Connect.These funds will be used to develop Crytopharma's lead inflammation drug candidate CP-92 for acute inflammatory exacerbations of cystic fibrosis. Funds will also be used for further developing promising second generation anti-inflammation drug candidates for inflammatory airway diseases.
Chairman Dr Phillip Reece said, "Cryptopharma has made great strides identifying novel drugs for pulmonary inflammation and the advancement of CP-92 into development for the treatment of cystic fibrosis.We are very pleased to have attracted Dr Crump to the role of CEO of Cryptopharma.His biotechnology experience and drug development expertise will be invaluable in progressing the company's drug technology."
Enquiries:
David Crump Cryptopharma 0419 322 912
Rudi Michelson Monsoon Communications 0411 402 737
About Cryptopharma
Cryptopharma is a privately owned Australian drug discovery and development company which was founded upon discoveries made at the Department of Pharmacology of the University of Melbourne. The Company has developed a family of unique proprietary molecules which show promise as pharmaceutical treatments for serious inflammatory pulmonary diseases such as cystic fibrosis, severe asthma and chronic obstructive pulmonary disease. The Company is also working the identification of second generation drug candidates addressing newly discovered therapeutic targets and signalling systems.
Investors in Cryptopharma include GBS Venture Partners, Uniseed, Biocomm and ANU Connect.It has additionally received AusIndustry START and BIF grants and support from the Victorian Government VicStart Program.
www.cryptopharma.com
