$8.5 Million Draw on Secured Credit Facility to Advance Ion
Channel Development
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 19, 2011--
Zalicus Inc. (NASDAQ: ZLCS) a biopharmaceutical company that discovers
and develops novel treatments for patients suffering from pain and
immuno-inflammatory diseases, today announced the initiation of a Phase
1 clinical trial evaluating the pharmacokinetics and safety of Z944, a
novel oral T-type calcium channel blocker with demonstrated preclinical
potential for the treatment of acute and inflammatory pain. In addition,
Zalicus has drawn the remaining $8.5 million from its $20.0 million
secured credit facility with Oxford Finance to fund ion channel clinical
development.
"I am encouraged by the progress we are making in moving our ion channel
candidates into clinical development. Z944, a T-type calcium channel
blocker, is the second clinical study emanating from our ion channel
discovery platform this month, following closely on the heels of Z160,
an N-type calcium channel blocker, which initiated Phase 1 studies
earlier in December” said Mark H.N. Corrigan, MD, CEO of Zalicus. “We
look forward to reporting data from these Phase 1 studies in 2012"
commented Mark H.N. Corrigan, MD, President and CEO of Zalicus.
About Zalicus
Zalicus Inc. (Nasdaq: ZLCS) is a biopharmaceutical company that
discovers and develops novel treatments for patients suffering from pain
and immuno-inflammatory diseases. Zalicus applies its selective
ion-channel modulation platform and its combination high throughput
screening capabilities to discover innovative therapeutics for itself
and its collaborators in the areas of pain, inflammation, oncology and
infectious disease. To learn more about Zalicus, please visit www.zalicus.com.
Forward-Looking Statement:
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning Zalicus, its product candidate Z944, its potential and the
plans for its clinical development, the Zalicus selective ion channel
modulation technology, and related preclinical product candidates,
Zalicus’s combination drug discovery technology, cHTS, and its other
business plans. These forward-looking statements about future
expectations, plans, objectives and prospects of Zalicus may be
identified by words like "believe," "expect," "may," "will," "should,"
"seek," “plan” or “could” and similar expressions and involve
significant risks, uncertainties and assumptions, including risks
related to the development and regulatory approval of Zalicus’s product
candidates, the unproven nature of the Zalicus drug discovery
technologies, the ability of the Company to initiate and successfully
complete clinical trials of its product candidates, the Company's
ability to obtain additional financing or funding for its research and
development and those other risks that can be found in the "Risk
Factors" section of Zalicus's annual report on Form 10-K on file with
the Securities and Exchange Commission and the other reports that
Zalicus periodically files with the Securities and Exchange Commission.
Actual results may differ materially from those Zalicus contemplated by
these forward-looking statements. These forward-looking statements
reflect management’s current views and Zalicus does not undertake to
update any of these forward-looking statements to reflect a change in
its views or events or circumstances that occur after the date of this
release except as required by law.
