Galileo Genomics Announces Cad$11.15 Million In Equity Funding.

MONTREAL, January 7 /PRNewswire/ -- Galileo Genomics Inc., a Montreal-based next-generation genomics company, announced today it raised Cad$11.15-million in additional equity funding in December 2003. New investor Carnegie Fund II (Stockholm) acted as co-lead for this round which included existing investors HBM BioVentures (Zurich), MVI (Geneva) and Biofund (Helsinki).

Galileo will use these funds to identify disease "GeneMaps" and drug targets for economically important diseases. These products will be either taken downstream internally or licensed to pharma and biotech partners. The company will also use the funds to generate revenues from pharmacogenomics contracts servicing a growing demand in the market to improve the safety and efficacy profiles of existing drugs and those under development.

Over the past three years, Galileo has built a powerful DNA Biobank and Clinical Investigator Network in the Quebec Founder Population. Dr, John Hooper, President and CEO commented:

"We expect to be among the leaders in the discovery of the major genes associated with common diseases, that will allow pharma companies to rapidly identify the key drug and diagnostic targets. We believe our research will rapidly lead to the discovery of new, more effective and safer drugs that will ...