Medichem Life Sci, Rigel Pharma In Proteomics Pact
Dow Jones Newswires
CHICAGO -- MediChem Life Sciences Inc. (MCLS) and Rigel Pharmaceuticals Inc. (RIGL) signed a two-year collaborative agreement for drug development initially focused on ubiquitin ligases, an area related to cell division and the progression of certain cancers.
In a press release, Rigel said it will pay MediChem an undisclosed amount for research conducted by the latter's scientists. MediChem will also receive milestone payments for completion of specific goals, and retain rights to certain technology, data and improvements to its structural proteomics technology platform.
Rigel also plans to grant MediChem a right of discussion to all future medicinal chemistry-partnering opportunities as related to targets researched.
As part of the agreement, scientists at MediChem's Emerald BioStructures structural proteomics division will express, purify and co-crystallize important protein complexes that are part of Rigel's anticancer program focusing on ubiquitin ligases.
When the co-crystallizations are complete, MediChem will use Argonne National Laboratory's Advanced Photon Source to collect data and co-crystallize several of Rigel's small molecule drug leads with the protein complexes to optimize the chemical properties.
MediChem Life Sciences, a drug discovery company, posted a loss of $5.5 million, or 51 cents a share, on revenue of $19.4 million, in full-year 2000.
Rigel, also a drug discovery and development company, posted a loss of $35.5 million, or $4.89 a diluted share, including a non-cash, non-recurring deemed dividend of $10.1 million, on revenue of $13.2 million. |
