RICHMOND, Va. & MELBOURNE, Australia--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (NASDAQ:CBTE) is pleased to announce that its wholly owned subsidiary, Mimotopes Pty Ltd, has entered into a licensing agreement with the Baker Heart Research Institute (BHRI) of Melbourne, for jointly-developed drug candidates targeting pulmonary arterial hypertension. As part of the licensing agreement, Mimotopes has assigned the intellectual property for a library of compounds to BHRI in return for a future milestone and/or licensing fees received by BHRI. Mimotopes will also contribute its medicinal chemistry expertise on a fee-for-service basis to assist in the clinical development of these compounds. “We are excited by the opportunity to apply our knowledge and experience in medicinal chemistry to the Baker Institute’s expertise in cardiovascular medicine,” said Nick Hagan, Mimotopes CEO. “The new compounds developed on Mimotopes’ combinatorial chemistry platform have given very encouraging results in biological studies carried out at the BHRI,” he added.
