Drug news: MIM-D3 - Phase II enrollment completed

Medwell Capital Announces that Mimetogen Pharmaceutical Inc. Completes Patient Recruitment in Phase II Clinical Trial for Dry Eye Disease

EDMONTON, April 8 /CNW/ - Medwell Capital Corp. ("Medwell") (TSXV: MWC) today announced that Mimetogen Pharmaceuticals ("Mimetogen") completed patient recruitment in its phase II clinical trial of MIM-D3 for dry eye disease. A total of 150 patients have been enrolled in the trial with results expected in the second half of 2011. Under the terms of the agreement announced on February 25, 2011, Medwell will advance a second tranche of funds pursuant to its $2,000,000 financing commitment....

Mimetogen's lead drug candidate for the treatment of dry eye disease, MIM-D3, is a small molecule mimetic of nerve growth factor (NGF). NGF is a naturally occurring protein in the eyes that is responsible for the maintenance of corneal nerves and epithelium, mucin and tear production. In contrast to most other products in development or on the market, MIM-D3 is designed to quickly and directly improve the quality of the tears produced by the eyes whilst reducing symptoms of chronic burning and stinging. Dry eye disease is estimated to be a $1 billion US market for which there is currently only one FDA-approved treatment.

The Phase II randomized, double-masked, multi-center, placebo-controlled trial designed to evaluate the safety, tolerability and efficacy of MIM-D3 in improving the signs and symptoms of dry eye....