Preston Changed Its Name To Cambridge and $25 Million
If successful NMED-160 could emerge with a huge head start against competitors in its class in a market worth $28 billion US a year.
The successes date back to his birth in what was then Preston, Ont., a town that bestowed upon him the honour of being its 10,000th citizen the magic number that would elevate the town to city status. Snutch's parents got a $100 cheque from the city the equivalent of 10,000 pennies to mark the occasion. Terrance P. Snutch carries the commemoration of that event in his middle name Preston although the town has since changed its name to Cambridge.
"They wanted us to call him Preston, but my husband wanted to call him Terry, after Terry Sawchuk, the goalie for the Detroit Red Wings, so we called him Terrance Preston," said Snutch's mother, Betty. The family, including four boys and a girl, followed air force father Bob Snutch in a career that stretched from Labrador to Chilliwack.
Even before the Merck deal was announced, Neuromed had venture capitalists ready to shower it with money. It recently closed a fourth round of financing of $25 million US, turning down an extra $25 million the VCs were offering.