KRIBB and Chemizon Inc. Announce Collaboration
2/13/2008 9:00:24 AM
LONGMONT, Colo.--(BUSINESS WIRE)--KRIBB (Korean Research Institute of Bioscience and Biotechnology) and Chemizon, the drug discovery services division of Optomagic Co. Ltd. (KOSDAQ:010170), have entered into an agreement whereby Chemizon will collaborate closely with KRIBB to spin out a new biotech company designed to commercialize KRIBB’s diverse portfolio of intellectual property assets. While all of KRIBB’s technologies will be considered for transfer into “NuCo,” those having the greatest potential for contributing to the discovery of drugs that address unmet medical need will receive the highest priority. Chemizon, through its recently formed Chemizon-Oakwood Bioventures private equity fund, will serve as the lead investor and work closely with KRIBB to capitalize, build a world-class management team, and incubate the company. In addition, Chemizon, through use of its integrated drug discovery platform, will collaborate scientifically with NuCo to help convert its discoveries into small molecule therapeutics.