This was on the news wire services:
"ChiRex Obtains Exclusive License for BuchwaldABT Technologies From M.I.T.
STAMFORD, Conn., Aug. 17 /PRNewswire/ -- ChiRex Inc. (Nasdaq: CHRX) announced today an exclusive license agreement with the Massachusetts Institute of Technology for the new Metal-Catalyzed Aromatic carbon-heteroatom Bond-forming Technologies (ABT), developed by Dr. Stephen Buchwald, Camille Dreyfus Professor of Chemistry at M.I.T.
The license agreement grants ChiRex exclusive rights to the use of the new ABT for pharmaceutical and agrochemical applications. The ABTs are expected to reduce the complexity and cost of the manufacture and improve the purity of certain pharmaceutical and heterocyclic intermediates.
"With the increasing complexity of new drugs and the continuous pressure on pricing, the pharmaceutical industry is dependent on new technology to reduce cost. These new technologies should reduce the cost of aryl and heterocyclic intermediates which are core building blocks for both existing and emerging pharmaceuticals and agrochemicals," said Professor Buchwald.
"Professor Buchwald's new metal catalyzed technologies extend the range of products we can manufacture at a competitive advantage and are synergistic with our existing proprietary technologies," stated Michael A. Griffith, Co-Chief Executive Officer and Chief Financial Officer of ChiRex Inc. "There are many new products in the pharmaceutical pipeline where we have identified great potential in using this new technology to establish a position in terms of large scale manufacture. Professor Buchwald has been an important contributor to our Scientific Advisory Board and we are delighted that M.I.T. has chosen ChiRex to commercialize this important new technology."
ChiRex is a Contract Manufacturing Organization serving the outsourcing needs of the pharmaceutical industry through its extensive pharmaceutical fine chemical manufacturing, process development capabilities and proprietary process technologies. The Company supports and supplements the in-house development and manufacturing capabilities of its pharmaceutical, biotechnology and life science customers with a broad range of fully- integrated services, accelerating the time from drug discovery to commercialization. ChiRex currently produces over 50 products in its world- class, FDA cGMP manufacturing facilities located in Dudley, England, and Annan, Scotland. ChiRex holds over 45 patents and patent applications in the field of chiral chemistry.
Any statements contained in this release that relate to future plans, events, or performance, are forward-looking statements that involve risks and uncertainties, including, but not limited to, product development and market acceptance risks, product manufacturing risks, the impact of competitive products and pricing, the results of current and future licensing and other collaborative relationships, the results of financing efforts, developments regarding intellectual property rights and litigation, risks of product non- approval or delays or post-approval reviews by the FDA or foreign regulatory authorities, and other risks identified in ChiRex Inc.'s Securities and Exchange Commission filings. Actual results, events or performance may differ materially. Readers are cautioned not to place undo reliance on these forward-looking statements, which speak only as the date hereof. ChiRex undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. "
SOURCE ChiRex Inc.
CO: ChiRex Inc.; Massachusetts Institute of Technology
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