Provid - no wonder the name wasn't familiar. <g>
Their first news release -
April 2, 2002 Piscataway, NJ -- Provid Pharmaceuticals Inc. Licenses Portfolio of Patents from the University of Pennsylvania
Provid Pharmaceuticals Inc. ("Provid") is pleased to announce that the company has licensed a broad portfolio of intellectual property from the University of Pennsylvania ("Penn") in the field of small molecule peptide mimetics. The license includes issued patents and pending applications based on pioneering research by Penn Professors Ralph F. Hirschmann, the Rao-Makeneni Chair Professor of Bioorganic Chemistry, and Amos B. Smith III, the Rhodes-Thompson Chair Professor of Chemistry. Their discoveries of pyrrolinones and carbohydrate templates as replacements for peptides are fundamentally new concepts for translating biological leads from genomics and proteomics research into valuable drug molecules. Under terms of the license, Provid has exclusive, worldwide rights to the technology, and intends to develop drug candidates for multiple biological targets.
Dr. Gary L. Olson, co-founder, President and CEO of Provid, commented, "The technology developed by Drs. Hirschmann and Smith is an innovative and powerful strategy for drug discovery. It is an exciting prospect for Provid to have this platform to complement our overall expertise in medicinal chemistry and drug design. Working with Drs. Hirschmann and Smith as co-Chairs of Provid's Scientific Advisory Board will also be very stimulating and rewarding because of their scientific stature and broad experience in organic chemistry and pharmaceuticals. The potential of these peptide mimetics to interact with a wide range of biological receptors is particularly interesting. The technology has been validated by examples published by Drs. Hirschmann and Smith through the design of enzyme inhibitors, high affinity ligands for MHC class II molecules, and G-protein coupled receptors. Our opportunity is to select the most appropriate targets for the technology and to identify and optimize leads for drug development."
"Penn is fortunate to have Provid as a partner in this agreement," noted Dr. Louis Berneman, Managing Director of Penn's Office of Technology Transfer. "The company has outstanding scientific leadership, expertise in the field of peptide mimetics, and a dedication to drug discovery needed to translate the Penn technology into novel therapeutic agents. The University has a long tradition of innovation and service to facilitate the commercialization of university discoveries for the public good and to induce closer ties to industry. The Provid relationship is an ideal implementation of our mission, and we look forward to the company's development of the mimetics technology."
Provid Pharmaceuticals Inc. is a development stage biotechnology company with laboratories and offices in Piscataway, NJ. The company's drug discovery programs will be concentrated in areas of autoimmune and infectious diseases and in programs established in strategic alliances with biotech companies that have identified potential drug targets.
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 regarding Provid's future activities and the potential value of Penn's intellectual property, and involve a high degree of material risks and uncertainties. Many possible factors could affect future results and performance of Provid's research and development activities, and ability to develop pharmaceuticals based on the licensed Penn technology. If Provid's efforts fail to perform as expected, or if any of a wide range of other risk factors are encountered and not surmounted, the company's financial condition and operating results may be materially and adversely effected.
contact:
Provid Pharmaceuticals Inc.
Edwin Thomas, COO/CFO
10 Knightsbridge Road
Piscataway, NJ 08854
732-980-9229
www.providresearch.com
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