BerGenBio AS Granted A Prestigious Wellcome Trust Seeding Drug Discovery Award
BERGEN, Norway, September 23, 2014 /PRNewswire via COMTEX/ -- BERGEN, Norway, September 23, 2014 /PRNewswire/ --
BerGenBio AS ("BerGenBio" or the "Company"), an oncology biopharmaceutical company, today announces it has been granted a £1.6 million (NOK 16 million) Seeding Drug Discovery Award from the UK's Wellcome Trust to develop novel small molecule inhibitors against BGB002, its proprietary, novel cancer target.
The Wellcome Trust Seeding Drug Discovery Awards are to identify and fund especially promising, innovative new therapeutic concepts through to clinical implementation and applications are highly competitive.
BGB002 is a novel cancer target identified by BerGenBio, which controls tumour cell malignant features. This gene is up-regulated in several cancer types including the difficult to treat malignancies such as triple-negative-breast cancer. Using its CellSelect™ technology, BerGenBio demonstrated that BGB002 strongly activates tumour cell Epithelial-Mesenchymal Transition (EMT), a precursor to metastatic spread. Subsequent target validation studies demonstrated BGB002's unique and pivotal role in mediating EMT, facilitating the escape of transformed cells and engendering resistance to standard of care anti-cancer regimens.
BerGenBio holds patent applications on BGB002 and is developing novel selective small molecule inhibitors to the target with Sygnature Discovery Ltd, the UK's largest independent service provider of integrated drug discovery, with expertise in medicinal chemistry, in vitro bioscience, computational chemistry and informatics.
The Award, which is made in the form of a convertible loan, will fund the next phase of the Company's BGB002 development project over the next 12 months.
Richard Godfrey, Chief Executive Officer of BerGenBio, commented:
"The receipt of this Wellcome Trust Seeding Drug Discovery Award is a tremendous achievement and a solid endorsement both for BerGenBio's expertise in identifying key molecular drivers of aggressive drug resistant cancers and for our ability to translate these discoveries into viable drug candidates. I am particularly proud of the successful collaborative effort by our staff and the team at Sygnature. They work exceptionally well together and provide complementary skill sets. Scientists from BerGenBio and Sygnature worked co-operatively across their respective sites to assemble a highly compelling application and successfully co-presented the project at the final evaluation stage.
"The Wellcome Trust receives hundreds of applications for this type of funding and grants just a few awards each year to projects with outstanding science and innovation that are working to address a substantial unmet medical need.
"This funding will aid in our research and development effort to uncover novel small molecule therapeutics to treat aggressive, resistant cancers."
About BerGenBio AS
BerGenBio AS is a clinical stage biopharmaceutical company. The company is committed to developing innovative therapeutics that inhibit EMT, prevent the formation of cancer stem cells and disrupt the cellular mechanisms that drive acquired cancer drug resistance. The company is founded on proprietary platform technology, CellSelect™, which uses information from RNAi screening studies to identify and validate novel drug targets and biomarkers. BGB324 is the first compound in BerGenBio's pipeline to enter clinical trials in AML and NSCLC, with additional compounds and drug targets at different stages of preclinical development. http://www.bergenbio.com
About the Wellcome Trust
The Wellcome Trust is the second-highest-spending global charitable foundation, dedicated to achieving extraordinary improvements in human and animal health. It supports bright minds in biomedical research and the medical humanities, including public engagement, education and the application of research to improve health. It is independent of both political and commercial interests. http://www.wellcome.ac.uk
For more information on the Seeding Drug Discovery Award, please visit the Wellcome Trust website: http://j.mp/SeedingDrugDiscovery
About Sygnature Discovery Ltd.
Sygnature Discovery is the UK's largest independent provider of integrated drug discovery with core capabilities including medicinal chemistry, in vitro bioscience, computational chemistry and informatics. We also provide ADME, in vitro toxicology, early safety pharmacology, in vivo efficacy models, ion channel expertise, protein production and X-ray crystallography according to our clients' specific needs, via long-term strategic alliance partners. http://www.sygnaturediscovery.com
SOURCE BerGenBio
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