LONDON, November 16 /PRNewswire/ -- Inpharmatica Ltd, the selective drug discovery company, today announced an expansion to its long-standing drug discovery collaboration with Serono (VX: SEO and NYSE: SRA), one of the world's leading biotechnology companies.
Together the companies are developing novel secreted proteins identified using PharmaCarta(TM), Inpharmatica's gene to candidate platform. Over 200 novel protein sequences have already been identified and the current expanded agreement (initially signed in 2001) will encompass a significant commitment from both companies toward their characterization and exploitation.
This current expansion will encompass the additional use of Inpharmatica's biology resources to support the validation of these proteins. Inpharmatica will continue to work closely with Serono to fully realise the potential of these novel human proteins as protein therapeutics.
Terms of the current agreement include up-front funding for Inpharmatica's research facilities, plus milestones, and royalties from any resulting products. Additionally, under the terms of this expanded agreement, Inpharmatica received a payment of $1.5M for granting Serono additional rights to novel protein sequences delivered under the collaboration.
Commenting on the announcement, Dr Malcolm Weir, Chief Executive Officer of Inpharmatica, said:
"We look forward to continuing our highly successful drug discovery relationship with Serono. This latest expansion clearly demonstrates the value of Inpharmatica's outstanding proprietary technologies to cutting-edge drug discovery and we are confident that several new and important therapies will result. If novel proteins delivered under the collaboration progress through discovery to IND filings, Inpharmatica will benefit greatly from the resulting milestone payments and potential royalties."
Dr Tim Wells, Senior Executive Vice-President, Research of Serono said:
"We are pleased to continue to explore these new targets to their fullest value on several important disease fronts. This new agreement allows us to continue to investigate the biology of these novel secreted proteins and discover both their roles in normal biology and in disease modulation."
Notes to Editors:
Inpharmatica : (http://www.inpharmatica.com/)
Founded in 1998, Inpharmatica Ltd is a selective drug discovery company using predictive technologies to improve speed and productivity. Focusing on highly druggable targets, its unique proprietary platform, PharmaCarta(TM), is an integrated suite of informatics-based technologies fully capable of rapid gene to candidate operations. Inpharmatica's lead discovery programme is focused on generating pre-clinical candidates against 16 novel nuclear receptors - proteins widely considered to be both druggable and of high therapeutic interest. Other significant programmes include novel secreted proteins/antibody targets, ion channels, P450 enzymes, metalloproteinases and progestin receptors.
Inpharmatica's initial technology was based on research from Professor Janet Thornton's group at University College London. The Company employs approximately 100 professionals at its UK locations in London and Cambridge, with business development headed in North America. Inpharmatica has raised some GBP35m from leading venture capitalists and has sales/collaboration partnerships with Serono, Pfizer, GSK, Aventis, P&G, Daiichi, Riken, Taisho, Chugai, UCB Pharma, MDL, Ionix, CellZome and Galapagos.
CONTACT: For further information, please contact: Andrew Lloyd &Associates, Andrew Lloyd, Tel: +44-(0)1273-675100 InpharmaticaLtd, Dr Malcolm Weir, Chief Executive Officer, Tel:+44-(0)-20-7074-4600 Dr Vimal Mehta, Sr. VP BusinessDevelopment, Tel: +1-203-453-6525