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9th June 2004 Cambridge Gateway Fund makes further investment in drug discovery company Cambridge Biotechnology Limited The Cambridge Gateway Fund has invested a further £1,000,000 as part of a £3.8 million equity investment into Cambridge Biotechnology Limited (“CBT” or “the Company”). Other investors included Merlin Biosciences, Northern Venture Managers Ltd and Avlar BioVentures. "This financing will allow Cambridge Biotechnology to drive our drug candidates through clinical development thereby creating significant value in the near term," CEO Tony Sedgwick said. “Over the past three years we have built a reputation for efficiently producing innovative drug candidates targeting obesity, pain and inflammatory disorders, large markets greatly underserved at present. The continued support of our investors allows us to significantly increase the inherent value of our clinical pipeline and position us for substantial future growth.” The proceeds will enable Cambridge Biotechnology to progress its drug candidate, CBT1008, through phase 1 and phase 2a trials for the treatment of post-operative pain, and to complete preclinical development of its anti-obesity drug candidate, CBT1452, and initiate phase 1 clinical trials with the drug. At the same time the company will continue its drug discovery programmes to identify novel drug candidates for the treatment of obesity, pain and inflammatory diseases. For further information contact: Dr Catherine Beech
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