For those willing or able to buy stock on the London AIM (Alternative Investment Market), minnow Biofocus is maybe worth investigating. Chemistry company that also does its own drug discovery (funded from service revenues). Cap about $40m...
Biovitrum Acquires Promising Anti-Obesity Drug Leads from BioFocus
CHESTERFORD RESEARCH PARK, U.K. and STOCKHOLM, Sweden, Sept. 22, 2004 (PRIMEZONE) -- BioFocus plc (AIM:BIO), a world leader in drug discovery, and Biovitrum today announce that Biovitrum has acquired from BioFocus the rights to a promising research project in obesity. The research project, which currently is at the end of the lead generation phase, focuses on blocking signaling through a specific G-protein coupled receptor (GPCR) that is believed to be relevant to weight reduction. The project has been developed within the GPCR lead generation joint venture between Biovitrum and BioFocus, initiated in 2001.
Through the new agreement, Biovitrum will gain full rights to potential drug candidates in obesity. The licensed lead program contains compounds that are potent and selective inhibitors of this specific receptor. Biovitrum intends to continue to develop the compounds, with the goal of finding a new and effective treatment for people suffering from obesity. BioFocus will, in return for the product rights, receive an upfront payment, milestones and royalties.
``This agreement further enhances Biovitrum's position in metabolic diseases research and will give us additional insight in, and novel treatment opportunities for, obesity,'' says Johan Kordel, SVP Business Development, Biovitrum. ``By licensing a program based on this technology, we are confident that we have high quality chemical leads that can be developed into drugs faster than the industry standard.''
Geoff McMillan, BioFocus's Chief Executive, said: ``This agreement is an important step in the validation of the Company's scientific capability and business model, underscoring our ability to generate substantial current and long-term returns through investment in collaborative and proprietary drug discovery.''
The incidence of obesity is rising to pandemic proportions. Globally, more than 300 million people are estimated to be obese and 1 billion are overweight. Obesity causes secondary complications such as hypertension, dyslipidemia, atherosclerosis and several cardiovascular disorders. The need for new and effective pharmaceutical treatment is significant.
For additional information contact:
Biovitrum AB
Johan Kordel, SVP Business Development Telephone: +46 8 69727 81 Mobile: +46 70 636 81 64 johan.kordel@biovitrum.com
BioFocus Geoff McMillan Chief Executive Officer Telephone: +44 (0) 1799 533 500
Buchanan Communications Rebecca Skye Dietrich Telephone: +44 207 466 5000
Biovitrum Biovitrum is a privately held Swedish biotech company active in the discovery and development of drugs to treat metabolic diseases, such as type 2 diabetes and obesity. Biovitrum is also active in process development and contract manufacturing of protein therapeutics. The company has strong intellectual property and technology platforms, with a number of compounds in pre-clinical and clinical development. Annual revenues, including royalties and contract service fees, finance a major part of the annual research budget. For more information, please visit Biovitrum's website at biovitrum.com.
Biovitrum AB, Lindhagensgatan 133, SE-112 76 Stockholm, Sweden tel (switchboard): +46 (0)8 6972000.
BioFocus
BioFocus is a leading drug discovery company working in partnership with major pharmaceutical and biotechnology companies. Additionally it is developing a portfolio of internal drug discovery programs aimed at providing drug leads for partnering. The company was founded in 1997 and is quoted on the Alternative Investment Market of the London Stock Exchange. BioFocus works with a wide range of global clients and has provided services and/or products to 24 out of the top 30 pharmaceutical companies worldwide. |
