Trega Biosciences Signs Agreement for its Chem.Folio(R) Chemistry Services to Enhance PhycoGen's Discovery Programs
SAN DIEGO, Oct. 4 /PRNewswire/ -- Trega Biosciences, Inc. (Nasdaq: TRGA), focused on commercializing technologies and products for accelerating drug discovery and development, today announced that it signed an agreement with PhycoGen Inc. of Portland, Maine, whereby Trega will provide its Chem.Folio(R) chemistry services to PhycoGen for use in discovery programs that involve biological cell adhesion processes. Under the terms of the agreement, Trega will receive up-front and milestone payments in exchange for the design and synthesis of custom compounds according to PhycoGen's specifications. Additional financial details were not disclosed.
"This agreement represents PhycoGen's recognition of our expertise in applying innovative chemistries to generate novel compounds for interesting targets," said Michael G. Grey, Trega's President and CEO. Mr. Grey continued, "Leveraging our continually expanding and increasingly valuable contract chemistry business is an important part of our growth strategy."
Ernst Bachofner, PhycoGen's CEO, stated, "We are pleased to be aligned with Trega, who has a reputation for resolving difficult synthetic processes. This collaboration will allow PhycoGen to expand its synthetic compound collection with pure, high quality compounds customized for our programs."
Trega's Chem.Folio(R) combinatorial chemistry libraries offer pharmaceutical, biotechnology, agriculture and life science research companies access to novel, structurally diverse and information-rich compounds for use in their drug discovery programs. Chem.Folio(R) libraries are designed to possess drug-like properties and are created using Trega's proprietary technologies and medicinal chemistry principles. Trega's unique technologies efficiently synthesize and generate highly pure compounds, while allowing rapid follow-up synthesis for lead optimization.
Trega Biosciences, Inc. is a premier provider of products designed to accelerate and improve drug discovery through its iDiscovery(TM) technologies linking biology and chemistry with information technologies. Trega's iDEA(TM) family of information-based models simulate, in silico, how drug candidates will be processed in the body, thereby enabling selection of those with optimal characteristics for clinical development. Together with its iDEA(TM) products, Trega's Chem.Folio(R) libraries of information-enhanced small molecules are designed to facilitate the identification and optimization of drug candidates. For additional information on Trega, please visit our Web site at trega.com.
PhycoGen, Inc., a biotechnology company, is a leader in the discovery and development of bioadhesion control technologies. The Company is focused on the development of pro-adhesive and anti-adhesive products emerging from its proprietary platform technology centered on novel chemistries with a unique mode of action. PhycoGen's technology targets multiple market segments including crop protection, human health, marine antifouling, personal care and industrial processes.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, whether any research or development to be conducted as described will be successful, whether competitive products and pricing will have a significant impact on marketing success, whether any corporate collaborations or alliances will be formed or 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.
SOURCE Trega Biosciences, Inc.
CO: Trega Biosciences, Inc., PhycoGen Inc.
ST: California, Maine
IN: MTC BIO
SU:
10/04/2000 08:02 EDT prnewswire.com |
