Oct. 16 /PRNewswire/ -- Molecumetics, Ltd., a subsidiary of Tredegar Corporation, and Athersys, Inc., a Cleveland-based functional genomics and biopharmaceutical company, announced today that they have entered into a collaboration for the development of small molecule drug candidates.
Athersys will use its novel RAGE-VT(TM) (Random Activation of Gene Expression for Validated Targets) technology to provide Molecumetics with 12 cell lines expressing validated targets of interest. Molecumetics will use its chemistry-based ``screen-to-IND'' technology platform to develop novel small molecule drug candidates against the validated targets. Under the terms of the agreement, Molecumetics can access the targets by paying a licensing fee or through a co-development option. The co-development option allows both companies to co-invest in particular projects and share in the downstream value that is created.
Ed Field, president of Molecumetics, said: ``Our goal at Molecumetics is to apply our integrated screen-to-IND technology platform to rapidly generate novel small molecule drug candidates for license to biotechnology and pharmaceutical companies. Critical to our success is access to both validated and novel drug targets. Athersys' RAGE technology enables the production of cell lines expressing validated drug targets, without requiring either the isolation of individual genes or any prior knowledge of gene sequence, function or normal expression characteristics. This collaboration with Athersys represents our first agreement that focuses on creatively accessing targets.''
Gil Van Bokkelen, CEO of Athersys, said: ``Molecumetics' ability to rapidly identify and optimize specific lead compounds and move them through the early pre-clinical development process was a significant driver in the formation of this collaboration. We view Molecumetics as an excellent partner with the ability to effectively leverage validated target information.''
Athersys is a functional genomics and biopharmaceutical company engaged in the development and application of novel research tools and therapeutic products. The company's RAGE(TM) (Random Activation of Gene Expression) technology platform is a novel gene expression system that enables the company to rapidly survey the entire human genome for proteins with a specific biological function and to quickly and accurately correlate protein function with gene structure. Athersys believes RAGE has powerful applications in functional genomics, generation of validated drug targets, development of protein therapeutics and gene discovery. Athersys is establishing a broad portfolio of proprietary technologies that position the company to develop therapeutic products, both internally and with strategic partners, to treat significant and life-threatening diseases. This press release and further information on Athersys can be found on the World Wide Web at: athersys.com.
Molecumetics is a chemistry-based drug discovery company dedicated to the identification of small molecule drug candidates for license and development by pharmaceutical and biotechnology partners. In addition to the collaboration with Athersys Inc., Molecumetics has partnerships with Asahi Chemical Industry Co., Ltd., Bristol-Myers Squibb Company, ChoongWae Pharma Corporation, and Pharmacia Corporation. The company is headquartered in the Seattle area.... |
