Paradigm Therapeutics Limited raises £12 million in second round funding 

9 December 2002 Paradigm Therapeutics Limited (‘Paradigm’) today announced the successful completion of a second round of private equity funding totalling approximately £12 million. BioMedical Sciences Investment Fund Pte Ltd of Singapore and UK based Technomark Medical Ventures acted as co-lead investors for the round. Other investors included Paradigm’s existing UK-based investor Avlar BioVentures Fund I aswell as Avlar BioVentures Fund II and Genmab A/S which made a minority investment following the recently established alliance with Paradigm to develop therapeutic antibodies to Paradigm’s novel drug targets.

Paradigm Therapeutics, a spin out from the Welcome/CRUK Institute of the University of Cambridge, is an emerging drug discovery company which is at the forefront of the pharmaceutical exploitation of the human genome. The Company focuses on the discovery and validation of novel drug targets using a technology platform based upon bioinformatics and model genetics. These targets then serve as the starting point for the discovery and development of new small molecule and monoclonal drugs and diagnostics. 

Dr Mark Carlton, Paradigm’s Director of Operations, commented ‘Paradigm is very pleased to have succeeded in securing this investment in the current difficult market conditions. The new investment will allow the company to extend its biological validation program and to accelerate the development of drugs to these targets, both alone and in partnership with others.’

Dr Samuel Aparicio, Paradigm’s Director of Science said ‘Mammalian genetics is a powerful starting point in establishing new therapeutic hypotheses which are a fundamental pre-requisite for the development of truly innovative drugs. The Company has already demonstrated its ability to define the potential therapeutic utility of large numbers of novel drug targets’.

Dr Sidney Yee, Investment Manager of BioMedical Sciences Investment Fund said ‘The BioMedical Sciences Investment Fund is very pleased to be co-leading this round of investment in Paradigm Therapeutics, which has made significant strides in both its science and corporate development. Given the Company's track record and its experienced team, we are confident that the Company will be able to further advance its technology platforms in discovering and validating novel drugable targets, and its capability in product development. This partnership will enhance Singapore's investments into drug discovery and therapeutics, and strengthen our network of international alliances.’

Dr Graham Hughes Technomark’s Scientific Investment Director commented: ‘Technomark is very pleased to have worked closely with EDB in co-leading this investment round. Paradigm represents a tremendous opportunity for the exploitation of genomics and genetics in an innovative way. We confidently expect Paradigm to deliver a large number of previously unknown targets in important therapeutic areas and to utilise this investment round to start the development of drugs to hit them’.

About Paradigm
The race to define the therapeutic utility of the thousands of uncharacterised human proteins is the new hallmark of modern drug discovery. Unlocking the precise physiological function of these proteins is a vital prerequisite of rational drug development. Paradigm has established a powerful genetics based platform that is generating detailed information and intellectual property on the physiological role, and hence the potential therapeutic utility and value of novel targets identified from within the human genome. Over 700 potential drugable targets have already been identified, of which more than 100 of the most exciting are well advanced within its biological validation program. Paradigm is focussing its efforts on therapeutic areas of high unmet medical need such as obesity, central nervous system disorders and cancer and has already characterised targets that represent novel therapeutic points of intervention in some of these key disease areas. Paradigm's commercial strategy is to develop both monoclonal and small molecule drugs to these targets in partnership with other drug development companies. The company has already formed a broad-based collaboration with Genmab for the development of therapeutic antibodies.

Paradigm Therapeutics was founded by Dr Mark Carlton and Dr Samuel Aparicio (also an investigator in the University of Cambridge Dept’ of Oncology) and was spun-out from the University of Cambridge with initial research funding from Catalyst Biomedica Limited (a subsidiary of the Wellcome Trust). Both the University of Cambridge and Catalyst Biomedica are shareholders in Paradigm. Having secured its first round funding from Avlar BioVentures Fund I in December 2000 the Company has grown to employ 18 staff and consultants. For more information about Paradigm, visit www.paradigm-therapeutics.co.uk.

About BioMedical Sciences Investment Fund Pte Ltd 
BioMedical Sciences Investment Fund is a wholly owned subsidiary of EDB Investments Pte Ltd ("EDBI"), the investment arm of the Singapore Economic Development Board. EDBI manages funds in excess of US$3 billion and is among the pioneers of Singapore's Venture Capital investors, with 15 years VC investment experience. EDBI and its subsidiary venture capital and specialty funds have invested in about 200 projects covering wide range of businesses inside and outside Singapore.

About Technomark Medical Ventures
Technomark Medical Ventures (TMV) is the venture capital division of Technomark Consulting Services Limited, a long established, specialist consultancy to the bio-technology and pharmaceutical industries. Operating from London, TMV is actively involved with investing in and nurturing early-stage life science companies within the UK and continental Europe, along with its financial partner, Lloyds TSB Development Capital (LDC).

About Avlar BioVentures Ltd
Avlar BioVentures manages two funds both focussed upon seed and early stage opportunities in biotechnology and healthcare. Avlar BioVentures Fund I closed in January 2000 with total commitments of £20.7 million and has made investments in 11 companies. Avlar BioVentures Fund II had a second close in the summer of 2002 with total commitments of £40.5 million. For more information about Avlar BioVentures, visit www.avlar.com  .

About Genmab A/S
Genmab A/S is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases. Genmab has numerous products in development to treat cancer, rheumatoid arthritis and other inflammatory conditions, and intends to assemble a broad portfolio of new therapeutic products arising from research into the human genome. At present, Genmab has numerous partnerships to gain access to disease targets and develop novel human antibodies including collaborations with Roche and Amgen. A broad alliance provides Genmab with access to Medarex Inc.'s array of proprietary technologies, including the UltiMAb(tm) platform for the rapid creation and development of human antibodies to virtually any disease target. Genmab is headquartered in Denmark and has operations in Utrecht, The Netherlands and Princeton, New Jersey in the US. For more information about Genmab, visit www.genmab.com .

For further information, please contact: 
Paradigm Therapeutics Limited

Mark Carlton, Director of Operations, Physiological laboratories, Downing Street, Cambridge, CB2 3EG.  +44 (0)1223 333841 markcarlton@paradigm-therapeutics.co.uk .

Technomark Medical Ventures +44 (0)20 7229 9239
Paul Kacik, Investment Director

BioMedical Investment Fund Pte Limited +65 6832 6411 Sidney Yee, Investment Manager 

Avlar BioVentures Limited +44 (0)1223 266 799
Alan Goodman, Chief Executive of Avlar.

Genmab A/S +45 33 44 77 34 Rachel Curtis Graveson, VP IR&PR