COPENHAGEN, Denmark, May 13 /PRNewswire/ -- Nuevolution A/S, a privately held drug discovery company today announced that it has acquired rights to a portfolio of key patents relating to the discovery of small molecule drug candidates by a process of "molecular evolution" that allows DNA to act as a vehicle to rapidly generate many millions of potential drug-like molecules. The patents, originating from the Scripps Research Institute in San Diego, USA relate to the generation and screening of bifunctional molecules (chemical entities that combine a short piece of DNA with a small organic molecule).
"We are very pleased to have acquired additional rights to patents relating to these unique bifunctional molecules", said Zahed Subhan PhD, Chief Executive Officer of Nuevolution A/S." Things have come a long way since DNA just encoded proteins - at Nuevolution, we have found a way to use DNA to generate and encode massive libraries of small molecules and subsequently identify the highest potential drug candidates from these ultralarge libraries. These patents will help Nuevolution strengthen its pre-eminent position in this revolutionary area of drug discovery", added Dr Subhan.
About Nuevolution A/S
Nuevolution is a unique drug discovery company poised to revolutionize drug discovery and development by utilizing its proprietary Chemetics(R) technology to rapidly generate tens to hundreds of potent, structurally diverse, small molecule drug leads to virtually any target in a matter of weeks.
Chemetics(R) represents the ultimate "convergent" drug discovery technology - it is a unique, patent protected hybrid of proven wet chemistry and molecular biology approaches that enables the rapid synthesis and accurate selection of billions to trillions of chemically diverse, drug-like compounds in a single test tube.
Chemetics(R) allows Nuevolution to generate unprecedented numbers of potent and (target sub-type) selective drug leads in weeks, thus addressing the major current bottleneck in drug discovery and development.
Nuevolution seeks to leverage its broadly applicable Chemetics(R) drug discovery engine through drug discovery partnerships with leading pharmaceutical and biotechnology companies.
Nuevolution A/S employs 31 world class scientists and business professionals, including 18 Ph.D. qualified individuals. The company was founded in May 2001 and is currently headquartered in Copenhagen, Denmark.
To date, Nuevolution has raised $ 24 million in venture capital based on the ongoing development of its proprietary Chemetics(R) technology. Investors include Novo A/S, Nordic Biotech K/S, SEB Foretagsinvest, Scandinavian Life Science Venture and The Danish Investment Fund. Nuevolution recently (October 2003) closed the first round of a Series B financing amounting to $ 15 million.
CONTACT: Zahed Subhan PhD, MBA, LLB, Chief Executive Officer,Nuevolution A/S, Phone +45-39-13-09-44, Mobile +45-27-25-14-44,Email firstname.lastname@example.org