SAN DIEGO, Oct. 26 /PRNewswire-FirstCall/ -- Discovery Partners International, Inc. announced today that they have entered into a new drug discovery collaboration with Mitsubishi Pharma Corporation (Mitsubishi) to discover lead compounds for a therapeutic target selected by Mitsubishi. DPI will make use of its comprehensive drug-like compound collection and leverage its expertise in assay development, high-throughput screening, and computational chemistry. Financial terms of the collaboration and the therapeutic focus of the collaboration were not disclosed.
"We have had a successful history collaborating with Mitsubishi, and we are very pleased that Mitsubishi has decided to continue collaborating with Discovery Partners in a new target area," stated Riccardo Pigliucci, Chairman and CEO of Discovery Partners. "This discovery collaboration serves as a strong testimony to our commitment to building long-term and value-added relationships with our pharmaceutical partners. The integrated drug discovery platform at DPI is enabled from target to optimized leads. Our collaboration model complements the needs of our partners to support any or all phases of the drug discovery process."
About Discovery Partners International, Inc.
Discovery Partners International, Inc. (DPI) is a technology-driven drug discovery company, offering collaborations and services complementing the internal capabilities of pharmaceutical and biopharmaceutical companies. DPI has the platform, the process, and the people, to carry out drug discovery from target to optimized leads. DPI has actively contributed to dozens of drug discovery collaborations. Discovery Partners International is headquartered in San Diego, California and has operations in the United States and Europe.
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a high degree of risk and uncertainty. These include statements related to the collaboration's ability to identify potential lead compounds for Mitsubishi and, in general, DPI's ability to successfully apply its drug discovery platform in collaborating with and supporting its partners in drug development activities. Discovery Partners' and the collaboration's actual results may differ materially from those projected in the forward looking statements due to risks and uncertainties that exist in their operations, collaborative relationships (including the collaboration with Mitsubishi), development efforts and business environment, including technological risks, the risk that compounds identified in the collaboration will not be further developed and risks and other uncertainties more fully described in Discovery Partners' annual report on Form 10-K for the year ended December 31, 2004 as filed with the Securities and Exchange Commission and Discovery Partners' other SEC reports.
Discovery Partners International, Inc.
CONTACT: Riccardo Pigliucci, Chief Executive Officer, or Craig Kussman,Chief Financial Officer, both of Discovery Partners International, Inc.,+1-858-228-4113, firstname.lastname@example.org