Origin BioMed receives $3 million in funding to develop novel treatments for neuropathic pain

January 27, 2010, Halifax, NS -- Origin BioMed Inc. announced today that it will receive $3 million from the Atlantic Innovation Fund (AIF) in support of its R&D program.

The funding will be used over three years as part of a $5.6 million program for the development of candidate prescription drugs for neuropathic pain using proprietary novel compounds being developed by Origin and its local and international collaborators.

The commercial results of this program target the $4-billion worldwide neuropathic pain market.  About 60 to 70 per cent of people with diabetes have mild to severe forms of nervous system damage, which can cause impaired sensation or pain in the feet or hands and other nerve problems.  As many as one million Canadians suffer from regular pain and discomfort from neuropathy.

Origin BioMed Inc. is a drug company located in Halifax, Nova Scotia. The company produces health care products derived from natural compounds.  Origin BioMed’s lead over-the-counter product, Neuragen®, is used for the topical treatment of nerve pain caused by such conditions as diabetes.

“One in every 30 people suffers from nerve pain, and it’s usually associated with such conditions as diabetes, shingles, chemotherapy treatments and HIV infection,” said Mr. Robert Cervelli, President and CEO of Origin BioMed. “This AIF funding will form the cornerstone of our R&D efforts to develop a first-in-class family of compounds which may become effective treatments for this condition.”

The Atlantic Canada Opportunities Agency (ACOA), who administers the AIF, selected Origin BioMed as one of seven Nova Scotia projects for funding under this round of the AIF.   “Productivity and innovation are key factors in Canada’s economic success,” said Minister Peter MacKay. “The Atlantic Innovation Fund is an important catalyst for building research and development capacity in our region. This latest round of funding ensures that more research will continue to be undertaken, and more innovative ideas commercialized, so that Atlantic businesses continue to grow, adapt, diversify and become more competitive.”

About the Atlantic Innovation Fund
ACOA’s Atlantic Innovation Fund encourages the commercialization of research in Atlantic Canada and has been a key driver for many Atlantic Canadian businesses, universities and research institutions. It has enhanced Atlantic Canada’s reputation for innovation and, through the success of the projects it has funded, the AIF contributes significantly to the region’s research and development capacity and its economic performance.

About Origin BioMed Inc.
Origin BioMed, Inc. is a privately-held Canadian consumer health products company with business operations throughout the U.S. and Canada. Headquartered in Halifax, Nova Scotia, Origin BioMed Inc. manufactures health products with the highest quality active ingredients, at therapeutic levels, with evidence of scientific or clinical efficacy since 2001. 

Its leading drug product, Neuragen, helps relieve pain caused by diabetic nerve damage. For more information, please visit: www.originbiomed.com or www.neuragen.com.

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For more information, please contact:

Mr. Robert Silverstein
Phone: 902-423-5745
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