Biofocus renewed their Amgen chemistry deal last week, and announced another little deal today. Market cap. is about $32m...
BioFocus enters major new cancer drug discovery collaboration with Memorial Sloan-Kettering Cancer Center ('MSKCC')
Chesterford Research Park, UK (21st January, 2005) - BioFocus plc (AIM: BIO), a world leader in collaborative drug discovery, today announces that it has reached agreement to collaborate with Memorial Sloan-Kettering Cancer Center, a leader in the discovery and development of novel cancer treatments.
Under this collaboration BioFocus will supply several of its SoftFocusTM compound libraries to MSKCC. BioFocus will also retain a meaningful share in the value of drugs discovered and developed by MSKCC or its partners as a result of the screening of these libraries by MSKCC against multiple cancer targets. The world market for cancer therapies was estimated at £20 billion in 2004.
Geoff McMillan, BioFocus' Chief Executive, said: 'This partnership will build further the already considerable portfolio of long term value retained in our business. By leveraging our world leading SoftFocusTM libraries in this way we increase the long term value of the Company while offsetting the costs and risks associated with drug development. We are delighted to build this collaboration with an institution of international renown with such powerful drug discovery and development capabilities.'
David A. Scheinberg, MD, PhD, Chairman of the Experimental Therapeutics Center at MSKCC, said: 'This collaboration with BioFocus is part of our expanding initiative in drug discovery and development at MSKCC. Our goal is the rapid progression of potential anti-cancer agents into the clinic.' The Experimental Therapeutics Center at MSKCC promotes and facilitates the development of new cancer therapies through wide ranging multidisciplinary activities, from basic chemistry and biology to clinical investigations.
Hakim Djaballah, PhD, Head of Screening at MSKCC, commented 'Kinases as therapeutic targets have been well validated in the industry and having access to the BioFocus kinase targeted libraries would enhance our ongoing efforts for the identification of novel chemical scafolds against cancer-related kinases, especially for those where resistance to current treatments have been reported...'
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