RESEARCH TRIANGLE PARK, N.C., May 7 /PRNewswire-USNewswire/ -- TransTech Pharma, a clinical pharmaceutical development company in High Point, N.C., is being recognized by North Carolina's economic development community for its economic impact on the Piedmont Triad region and the state.
TransTech will receive the North Carolina Biotechnology Economic Development Award tonight in Boston during a North Carolina reception at the Biotechnology Industry Organization (BIO) conference and exhibition, where more than 20,000 people from 60 countries are gathered for the world's largest biotechnology meeting.
"TransTech Pharma and its related company, PharmaCore, bring significant economic and societal value to the Piedmont Triad region and to North Carolina through the creation of high-paying jobs, the attraction of research funding, and the development of potential new drugs to treat chronic diseases," said Jim Fain, secretary of the N.C. Department of Commerce. "A strong leadership, financial, and research team, led by Founder, Chairman, President and CEO Adnan M. M. Mjalli, Ph.D., has brought TransTech Pharma to significant accomplishment. The company's sustained entrepreneurial success serves as a model for ventures in North Carolina and beyond."
Fain will present the award to TransTech executives along with Sue W. Cole, board chair of the North Carolina Biotechnology Center.
"Bold, innovative, fast-moving companies are the lifeblood of any vibrant bioscience community," Cole said. "TransTech Pharma exemplifies these traits and merits recognition by the state's biotechnology and economic development communities."
TransTech's 80 employees are focused on the discovery, development and commercialization of small-molecule and protein therapeutics for the cardiovascular, oncology, central nervous system, diabetes and obesity markets. The company's proprietary drug-discovery engine, a highly automated platform called TTP Translational Technology(R), translates genomic and other biological data into effective small-molecule therapeutics, bypassing many of the traditional bottlenecks in drug discovery.
TransTech has developed collaborations with national and international corporations to discover and develop new therapeutics for the treatment of chronic diseases.
Some of the ventures are with Novo Nordisk, Merck & Co., Cephalon and Siga Technologies. Most recently, TransTech entered into two major multi-million dollar deals:
-- a $173 million out-license to Pfizer of compounds for the treatment of Alzheimer's disease and diabetic disorders
-- an exclusive license from Novo Nordisk for several clinical projects including a clinical enzyme program to help diabetics control their glucose levels.
The North Carolina Biotechnology Center, headquartered in Research Triangle Park with five regional offices across the state, is a private, non- profit corporation supported by the N.C. General Assembly. Its mission is to provide long-term economic and societal benefits to North Carolina by supporting biotechnology research, business and education statewide.
Contact: Mr. Gwyn Riddick, director of the Piedmont Triad Office of the Biotechnology Center, 336-725-6671; Steven Burke, senior vice president of corporate affairs; or Barry Teater, Jim Shamp or Boris Hartl, all of the Corporate Communications staff, 919-541-9366. Visit the Biotechnology Center online at http://www.ncbiotech.org.
North Carolina Biotechnology Center