Myomics Merges with CellCure, Secures $1.1 Million in Grants

Combined Company Receives Funding from NIH and NSF, Expands Research Space at Slater Biomedical Incubator

Providence, R.I., April 8, 2008 — Slater Technology Fund today announced that one of its portfolio companies, Myomics, Inc., has merged with another local biotechnology start-up, CellCure, and has been awarded a total of $1.1 million in grants from the National Institutes of Health (NIH) and National Science Foundation (NSF).

The merged company, called Myomics, is focused on the discovery and screening of compounds to treat neuromuscular disease indications such as muscle atrophy in the elderly, muscle wasting in chronic illness such as cancer, and muscular dystrophy disorders. The company currently has discovery programs underway based on its two proprietary technology platforms: tissue-engineered muscle, which can be generated in vitro from human and animal models of normal and diseased muscle; and opto-mechanical systems to monitor, over time, the ability of candidate compounds to increase the contractile strength of tissue-engineered muscle. The grant awards will enable Myomics to continue to develop and commercialize its technology platforms to accelerate the development of drug and cell therapies.

As a result of the funding and merger, Myomics has leased additional space at Slater’s biomedical incubator facility on Providence’s East Side, to accommodate the company’s increased staff and growing research requirements. The company employs approximately 10 full and part-time personnel.

“Myomics is making steady progress in the development of its technology platforms for drug discovery,” noted Richard G. Horan, senior managing director of the Slater Technology Fund. “The merger with CellCure and the federal funding represent an important part of the company’s overall strategy, and we are happy to be able to support their efforts by providing them with the facilities they need to continue to succeed.”

About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new companies committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

For More Information
Laura Nelson
SVM Public Relations
(401) 490-9700
laura.nelson@svmpr.com