HYDERABAD, INDIA (Sep’ 07, 2009) – Suven Life Sciences Ltd today announced that their drug discovery collaboration in central nervous system (CNS) disorder with Eli Lilly and company yielded a positive outcome with lead declaration leading to a milestone payment to Suven. The milestone was achieved with the identification and selection of a 1st Lead compound to be advanced into Lead Optimization Phase of preclinical development.
In 2008, Suven entered into drug discovery collaboration with Eli Lilly and Company, USA to jointly discover and develop candidates for the treatment of CNS disorders. Under the terms of the agreement Lilly will undertake the clinical development of the selected candidate/s and commercialization globally. Lilly will have the full ownership of the candidates developed under this collaboration while Suven receives ongoing research payments and preclinical milestones. Furthermore, the contract provides substantial long-term upside for Suven through potential payments for successful milestones achieved during clinical development and royalties on worldwide sales if new drugs are commercialized.
Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class therapies through the use of GPCR targets. The Company has six internally discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington’s disease. Parkinson’s disease and obesity are in addition to developmental candidates in Alzheimer’s disease and Schizophrenia.
For more information on Suven please visit our Web site at http://www.suven.com
Risk Statement:
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions, contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Other important factors which could cause results to differ materially including outsourcing trends, economic conditions, dependence on collaborative partnership programs, retention of key personnel, technological advances and continued success in growth of sales that may make our products/services offerings less competitive;
