Feb. 8 /PRNewswire/ -- Molecumetics, Ltd., a subsidiary of Tredegar Corporation (NYSE: TG - news), announced today that it has entered into a compound supply agreement with Tularik Inc. (Nasdaq: TLRK - news) of South San Francisco. Molecumetics' proprietary compounds will be used by Tularik in its small-molecule drug discovery efforts and will be screened against a wide variety of biological targets.
Under the terms of the agreement, Molecumetics will immediately provide Tularik with 80,000 screening compounds. Tularik will have the option, over the next 18 months, to purchase an additional 40,000 compounds under the same financial terms. The agreement also provides Molecumetics the opportunity to generate additional revenue through the resupply of screening hits for confirmation in secondary assays and in vivo models. Further, Tularik has the option to enter into an optimization program with Molecumetics under mutually acceptable terms.
Ed Field, president of Molecumetics said: ``While we remain focused on applying our proprietary ''screen to IND`` platform to the identification of internal drug discovery candidates, we also view our proprietary compound library as a very valuable asset. However, in order to realize the full value of that asset, it must be screened against many diverse drug targets. This agreement, like our existing compound supply agreement with Bristol-Myers Squibb, allows that to happen. Tularik is clearly a leader in this field, and we're excited to have our compounds in their hands.''
Molecumetics is a drug discovery and early stage development company applying its integrated ``screen to IND'' platform to the efficient translation of the genomic target information into novel small-molecule drug candidates. Molecumetics has partnerships with Asahi Chemical Industry Co., Ltd., Athersys, Inc., Bristol-Myers Squibb Company, ChoongWae Pharma Corporation and Pharmacia Corporation. The company is headquartered in the Seattle area... |
