December 23, 2011 – Abacus Private Equity is pleased to announce that through its life sciences fund it has acquired Cardio RX Ventures Canada LLC (“Cardio RX”) from CardioPharma Inc. (“CardioPharma”). Cardio RX owns the exclusive rights to market the CardiaPill in the United States of America, Canada, Australia, New Zealand, South Africa, and Israel. CardiaPill is a late stage cardiovascular drug currently being developed by CardioPharma. Through a service agreement with CardioPharma, Cardio RX has undertaken to fund most of the final development costs of the CardiaPill and registration costs of the drug in the jurisdictions in which it holds its licenses.
CardiaPill, which combines three FDA-approved cardiovascular drugs, is being designed to optimize the observed synergistic clinical benefits for patients with cardiovascular disease when all three drugs are taken simultaneously. Comprised of a “statin” or cholesterol lowering agent, an ACE or antihypertensive agent, and ASA an antiplatelet drug, CardiaPill is targeting a $20+ billion dollar market.
About CardioPharma and the CardiaPill
CardioPharma (www.cardio-pharma.com), Inc. is a specialty pharmaceutical company focused on combinatorial cardiovascular products. CardioPharma’s goal is to create cardiovascular products which reduce the morbidity and mortality of the world’s number one killer – cardiovascular disease – in a cost-effective manner. The products are unique to the global pharmaceutical industry – highly cost-effective in order to reduce expenditures at all levels, with proven efficacy, and providing both patient and provider convenience in order to minimize what has become an epic problem throughout healthcare: compliance.
About Abacus Private Equity
Abacus is an independent investment firm which has been successfully acquiring Canadian and international businesses for over a decade. Since 2005, Abacus, directly or indirectly through its investment funds, has closed transactions with an aggregate asset value in excess of $4.8 billion. Entities under Abacus’ management have an asset value in excess of $2.4 billion.
With offices in Toronto, Vancouver, Calgary, and Montreal, Abacus employs a cross-functional team of over 40 people to assist with the evaluation and completion of its acquisitions and has over 1,700 people in its portfolio companies. Abacus places a special emphasis on the taxation elements of its acquisitions, seeking to provide additional value to vendors through efficient transaction structures.
For further information please visit our website at AbacusPE.com or contact:
T: (416) 214-3336