Trega Biosciences and Discovery Technologies Ltd. Form Alliance
SAN DIEGO, Feb. 14 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA) and Discovery Technologies Ltd. (DTL), a subsidiary of Discovery Partners International Inc., today announced that they have entered into a relationship involving the distribution of Trega's Chem.Folio(R) chemistry libraries by DTL. Under the terms of the agreement, DTL will receive libraries on a non-exclusive basis for client screening through DTL's ultra high-throughput (uHTS) screening technology. Trega will receive an up-front payment plus additional fees on compounds accessed by DTL customers for a period of two years. Financial terms were not disclosed.
"Trega is pleased to expand the reach of its Chem.Folio libraries by having them available to DTL customers," said Michael G. Grey, President and CEO of Trega. "This relationship continues the development of additional important distribution channels for Chem.Folio libraries. Chem.Folio's diverse, unique and information-rich compounds will be a valuable and complementary addition to DTL's existing libraries."
"Chem.Folio will significantly increase the value of our drug discovery services and is a perfect addition to our other discovery libraries of 350,000 single compounds today. Customers can access the library together with our assay design and uHTS-services on a fee-for-service basis which represents a valuable alternative or addition to their in-house discovery activities," said Helmut Kessmann, SVP for Business Development and Marketing of DTL.
Trega Biosciences is an information-driven company focused on accelerating drug discovery from disease targets to clinical candidates through its iDiscovery(TM) technologies comprised of small molecule combinatorial chemistry, high throughput screens and predictive models to rapidly create novel drug candidates having greater chances of clinical success. Trega's iDiscovery technologies span the drug discovery process, beginning with synthesizing novel compounds to providing uniquely qualified drug leads to the pharmaceutical and life-science industries.
Discovery Technologies Ltd., formerly substantially funded by the Novartis Venture Fund, is an independent contract research and technology company specializing in high-throughput screening capabilities, customized assay development/optimization, target production and access to chemical libraries. The Company has developed a fully automated proprietary HTS-Factory(TM) that currently has the capacity to screen over 100,000 compounds per day, making it possible to identify small molecules with desired biological activity, faster and more efficiently than ever before. The Company has contracts with well over a dozen pharmaceutical, biotechnology and agricultural chemistry customers worldwide.
Discovery Partners International is focused on providing the best platforms, services and information available to augment the internal discovery efforts of pharmaceutical and biopharmaceutical companies. The company is headquartered in San Diego, California.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including whether this relationship will be successful, any additional collaborations or alliances will be agreed to, formed or expanded, whether regulatory approvals can be obtained for products discovered and developed, if any, the impact of competitive products and pricing, whether any other corporate collaborations or alliances will be successful, and other risks detailed from time to time in Trega's Securities and Exchange Commission filings. These forward-looking statements represent Trega's judgment as of the date of this release. Actual results may differ materially from those projected. Trega disclaims, however, any intent or obligation to update these forward-looking statements.
For copies of press releases and additional information, please consult Trega's web site at trega.com or by PR Newswire's fax-on-demand service at 1-800-758-5804, extension 374050.
SOURCE Trega Biosciences, Ltd.
CO: Trega Biosciences, Inc.; Discovery Technologies Ltd.
ST: California, Switzerland
IN: MTC BIO MLM
SU:
02/14/2000 08:09 EST prnewswire.com
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