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May 20, 2003 |
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– Plexxikon Inc., a privately held drug discovery company, today announced the formation of a drug discovery collaboration with Genentech, Inc. (NYSE: DNA) focused on the development of novel small molecule therapeutics for the treatment of cancer and other diseases. Financial terms of the single target, multi-year agreement include an upfront technology access fee and research funding, a series of discovery and clinical milestone payments, and royalties on net product sales.
"We are pleased to be collaborating with a world-class research and development organization of Genentech's caliber in our first drug discovery collaboration. The collaboration validates industry interest in our scientific platform and provides significant financial benefits," said Peter Hirth, chief executive officer of Plexxikon. "By combining Plexxikon's novel lead generation platform with Genentech's oncology expertise and development prowess, we hope to deliver new therapeutics to the market much faster than historically has been possible. The ability to rapidly develop novel compounds, improve drug development timelines and reduce compound attrition rates are the keys to success in pharmaceutical development today-and are the hallmarks of Plexxikon's platform."
Under the terms of the agreement, Plexxikon will apply its Scaffold-Based Drug DiscoveryT platform to develop a series of novel small molecule inhibitors against a single, undisclosed gene target in the protein kinase family, particularly implicated in oncology. Genentech will have an option to commercialize and market a series of compounds resulting from the collaboration under a worldwide license. Development of these compounds, including clinical testing and manufacturing, will be the responsibility of Genentech.
Plexxikon Profile
Plexxikon is a leader in the discovery and development of novel small molecule pharmaceuticals to treat human disease. Plexxikon's proprietary Scaffold-Based Drug Discovery™ platform is being applied to build therapeutic franchises in metabolic and cardiovascular disease, inflammation and oncology. This discovery process integrates a number of state-of-the-art technologies, including structural screening as one key component that provides a significant competitive advantage over other drug discovery approaches. To date, the company has discovered a portfolio of clinical and preclinical stage compounds in each of these franchises.
Currently, the company's most advanced program is a PPAR pan-agonist for the treatment of diabetes and related cardiovascular complications, with the lead candidate now in Phase 2 clinical testing in collaboration with Wyeth Pharmaceuticals. Other discovery programs include a dual kinase inhibitor for the treatment of rheumatoid arthritis and other inflammatory diseases and a renin inhibitor for hypertension in collaboration with Servier. Plexxikon is seeking pharmaceutical and biotechnology partners for select collaboration opportunities. For more information, please visit www.plexxikon.com.
2007 | 2006 | 2001 - 2005
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