BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Compound Therapeutics Announces Acquisition Of Strategic Assets Of Phylos, Inc.


10/19/2005 5:10:21 PM

WALTHAM, Mass., March 9 /PRNewswire/ -- Compound Therapeutics, Inc., a biotechnology company leading the development of a new generation of high- potency targeted protein-based drugs, today confirmed details of its acquisition of strategic assets of Phylos, Inc., and announced the advancement of a preclinical oncology program in anti-angiogenesis.

With the acquisition agreement completed in December 2003, Compound Therapeutics acquired all rights to Phylos' proprietary display technology called PROFusion(TM), a platform for proprietary binding proteins called TRINECTINs, and an established TRINECTIN program in oncology. This technology had been developed after significant investment over the past 5 years. In addition to the acquisition of these valuable technology platforms and products, Compound Therapeutics is fortunate to have a significant number of key scientists from Phylos join the company to develop a new generation of clinical products.

Compound Therapeutics is now advancing several novel high-potential drug development candidates for the treatment of cancer. The company is committing significant resources to accelerate this preclinical program that focuses on TRINECTIN compounds which target vascular endothelial growth factor (VEGF) ligands and the VEGF receptor, key mediators of tumor neo-vascularization. These compounds offer important advantages over competitive VEGF anti- angiogenic products, with the potential for broader and longer-lasting activity.

"One of the components of highest value from the acquisition of Phylos assets are the anti-angiogenesis drug candidates, which we are focusing on in preclinical studies," said Frank Lee, Ph.D., President and CEO of Compound Therapeutics. "In addition, this acquisition strengthens our company's proprietary technology base, and is synergistic with our leading drug discovery and development capabilities to help advance our goals of delivering next-generation protein therapeutics to patients."

"We are very encouraged by our TRINECTIN compounds which target the VEGF receptor, and the significant potential of this approach to advance important new treatments in the fight against cancer," stated John Edwards, Compound Therapeutics' Vice President of Commercial Development. "The recently combined technologies of Compound Therapeutics and Phylos offer us a unique ability to rapidly identify and develop a new class of highly specific and potent products for treating cancer and other major diseases."

About Compound Therapeutics

Compound Therapeutics, Inc., which received $12 million in series A Preferred Stock financing in March 2003, is a privately held biotechnology company developing the next generation of protein-based drugs through the use of an advanced product platform for engineering new proteins. The company's novel protein drugs are being developed with superior therapeutic properties, including higher potency, greater specificity, and lower dosing than conventional protein drugs. Using its robust drug discovery platform that includes its proprietary protein display technology, PROfusion(TM), Compound Therapeutics' research and development activities employ an advanced product platform for engineering new proteins in four select disease areas: oncology, inflammation, autoimmune disorders and infectious disease. The company's discovery platform is the foundation for a product-generating capability that synthesizes novel biotherapeutics including proprietary binding proteins, TRINECTINs(TM), and binding proteins linked to enzymes, called Target Addressable Enzymes (Adzymes). Compound Therapeutics is funded by three leading venture capital firms, Atlas Ventures, Flagship Ventures, and Polaris Ventures.

Compound Therapeutics, Inc.

CONTACT: John Edwards, +1-781-209-2337,jedwards@compoundtherapeutics.com, or Paul Kidwell, +1-617-296-3854,paul_kidwell@hotmail.com both of Compound Therapeutics



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES